Is RSG Over Sold ?, page-121

With Creditors at $140M at least $100M should be added to the debt load, Then if you add in the lease liabilities, net debt AFTER the CR is about $350M. Subtract $50M for Mali tax if you like, but if you consider that the company has $50M as an asset in Receivables believing the Mali government owes them money there is a serious disconnect between parties.

Marko made a loss last year after depreciation and finance costs, that’s hardly value accretive. The accounts show a $20M profit but if you add in the finance costs allocated to corporate you’re well in the red.....and there’s only 4 years of mineable reserves left.

Syama is not yet proven. The company has a history of forecasting what they want the market to believe rather than a realistic estimate of the future. Forecast costs are questionable at best. They have just written-off $46M in inventory costs specifically because their costs remain too high, and this is months after declaring commercial production.

Perhaps the market is right to be cautious.