Quiet Achievers

Once again, RED's management has shown itself to be very capable, and continue to over deliver. Once RED reaches critical mass & momentum, then it will be rerated as investment grade, and the SP should multiply. I remain totally RED eyed and will continue to accumulate, especially at these 'pre-institutional' investment prices.
1. Darlot progress is an outstanding achievement and the value add from previously spurned assets is remarkable.
The sheer energetic professionalism gives credibility to the likelihood of continuing success.
2. Siana situation has proceeded as management predicted - they always said that Siana had a strong case, and that
with the restitution of political stability and the return of balanced economic development by the Phillipines,
that the needed permitting would be forthcoming. The undoubted significant residual value in RED's total
Phillipines assets means that careful nurturing of RED's position there is very much in the interests of RED
shareholder long term value. Having said that, RED will not imperil the new WA project, and will not divert
significant resources from the Darlot project nor call on shareholders for a CR with the SP where it is !
Rather they are likely to seek partners in the Phillipines, passive or active to advance the project. Siana is a proven
large and likely highly profitable project ..... it will happen .... the how & when remain to be finalised.
We shareholders need to trust management who are well knowledgeable, well connected & respected in Phillipines.
3. Bullseye developments are interesting - this company has been going nowhere fast for a decade despite
(apparently) having a good resource. Now because of RED's (initial) offer, management can't just do another CR
further diluting existing shareholders - now it has to put it to the shareholders. There appears to be a revolt by a
significant rump of shareholders who are seeking to over throw the BOD .... watch this space. RED would offer
Bullseye (and other stranded assets without a development or processing solution) a way to bring the project on
and liberate their capital. Consolidation must and will occur .... REDs offer to Bullseye is obviously dependent on
them opening up their data to detailed examination ..... "show me the money" .... before a final offer and deal made.
Whatever, Darlot's success is ensured without Bullseye, which would merely be a cherry on top of RED's cake.
And, there are other cherries to be had ....