Agreed - when the margin between the POG and AISC is narrow,...

Agreed - when the margin between the POG and AISC is narrow, companies get excessively marked down by the market. Conversely, when the margin is high and continuing to widen, as occurring now, these "high cost companies" get heavily re-rated when the market sees how profitable they are by such metrics as FCF / NTA .... etc. RED5 has a rolling hedge, which means that this quarter gold sales will not seethe full rise in the POG, but the next quarter will. With downside protection, increasing net profit, allied with increasing efficiency, exploration success etc, means RED5 is in relative and absolute terms under valued and due for a re-rate. Although some institutions have increased their holding by the recent sell down of the Gold Fields holding, plus online, I would think that many other gold investor institutions are under weight RED5.
The other issue of note is what value the Siana UG mine now that the A$ and the Philippine peso POG is at an all-time high ??
My understanding is that the LOM AISC was US$800/oz .... so even if the mine was hedged at US$1350, the Siana mine looks like a very valuable real gold mine prospect, that has a debt free modern gold processing plant, plus established infrastructure, and a new tailings dam permit .....
The plant alone would cost $100m to build from scratch .... so what's the how shebang worth ??
This years Diggers & Dealers will be memorable if A$2000 / oz gold is the base case. I'll be holding my RED shares till the market wakes up.