Ok I will do you a favour Matrixx for your own enlightenment.I...

Ok I will do you a favour Matrixx for your own enlightenment.

I will not use your simplistic back of the envelope analysis for my comments, I refer to RED’s base case financial model that is related to the Bankable Feasibility Study, which in itself is mainly based on conservative INDEPENDENT CONSULTANTS estimates on resources, capex and opex. The BFS is also a conservative document knowing that those individual elements were studied at a time when the price of gold was either US$650/oz or US$800/oz or somewhere between.

Siana's pre-tax NPV based on RED's own analysis for a US$1,000 gold price equates to US$251.7 million.

Based on a post-tax scenario noted by RED their analysis at US$800/oz, post tax is an NPV of $120.3 million (= 18.2 cps).

If you extrapolate that to current gold prices of slightly above US$1,000/oz that equates to in excess of 30 cps.

RED currently has $22 million cash, equating to just over 3.3 cps.

If you estimate no more than 10 cps – I suggest you need to go back and do some more research as you stated earlier!

In addition, what is the upside of Mapawa worth? (It could dwarf Siana value!).

Kind of makes a farce for RED's current share price.

I am happy for you to compare to any other company (at a similar stage of their development) on the ASX and tell me its not the cheapest of its category on the market by a country mile!!! (Even as the price is now starting to rise!).