Mgm1a, I know our models are similar from our past posts, but...

Mgm1a, I know our models are similar from our past posts, but actuall my numbers at current gold price is not mid-20's, its closer to 30 cents (if you add in the $19 million odd that has been set aside for ongoing working capital outside of capex for Siana).

I agree that Petra have a motive to continue to recommend it as a buy, but from another perspective its better that they are continuing to be supportive and also agree the fundamental valuation is substantially higher - and also have a view that there is a premium expected from that valuation based upon it being in production.

Also, from my understanding, Petra's research is not retail based but is distributed to their wholesale insto's that I am sure includes others outside of the initial placees, thus providing a means to extend the buying support as the works advance towards production. (IMO some would have held off buying until they see the debt finance is consummated which is just around the corner - expected late April).

I still consider that RED is in the final stages of a chance to get in cheap before the bigger push by all seeing the project WILL finally get developed.

I would like to think that Southern Cross Equities can follow up soon with another Research Report since they did recommend it earlier with a valuation of the mid 20's based on a similar gold price.