RSG Valuation as at 25 May 2018, page-2

Hi Eshmun,

Been a year since you posted a reply at my report last year on the company and I read through your post again. I will likely make further revisions on my valuation approach soon now that I have a bit more time and I have gained more insights into what is happening. My database contains also now the mined ore grade and also the grades of the resources and reserves that may be able to be used to adjust the valuation ratios to account for how difficult ore is extracted from the ground. I may also look at the EV/production metrics and also the operating cash flow net of capex.

Again, many thanks for your advice. I did pay attention to what you wrote but the past year I have been so busy with other things that I have only started to re-visit valuing gold mining companies. Hope to hear from you and everybody else.

Cheers,
Brian