RED - Valuation and SWOT Analysis May 2019, page-10

Let me continue this thought process then. So if the mine has substantial measured and indicated resources back then when St Barbara owned the mine, what are the reasons to justify the company selling the mine at the end of 2014 rather than hold onto it and develop it for later? And then with the subsequent owner, Saracen Mineral Holdings, who had some cash reserves by the time they sold the mine to Red 5 for $16m or so. Why would two mining companies who had some cash in the bank sell this mine with substantial resources for the amounts they did?

Again, not doubting the underground potential of King of the Hill under Red 5, but let's think this through. Could be interesting insights. What is in it for the two previous owners to sell the mine at a relatively bargain price when there is serious resources underground?

I agree Red 5 could be the lucky winner holding this mine when the music starts playing.