someone not happy, page-9

... and Dratoz if the gold price keeps going north (at the moment its US$1,156/oz) they will be even more peed off in the morning!

By my valuation, being MORE conservative than RED's own base case model:
Based on 10% discount rate (note Mgm1a!)
At exchange rate of US 91.5 cents = A$1.00
Gold US$1,150 Silver US$16.00
RED valuation :

= 33 cps!!!

ASSUMES FULLY DILUTED for second tranche at 15.5 cents, nil Mapawa contribution.

The financial insto's who are funding both tranches will be mindful of the cash flow valuation, not just current market price (esp since its being "controlled" prior to the Gen Meeting IMO).