Ann: Paulsens Refurbishment Progress - March 2024, page-97

Those who sold off BC8 for a quick 30 or 40% gain at 26.5c will regret the decision soon. This is highly undervalued - just the camps, mills and equipment alone at Paulsens alone would be about the same as the MC. Add in Paulsens (and possible extension of the resources) and the other 2 high grades mine, in an environment where gold could fetch $3k US / ounce, and will be fully funded with mininal debt, and you can see why this is going to explode.

The risk/reward, downsides/upsides is highly tilted to rewards and upsides, on a risk adjusted basis.

It is strange that BC8 is stuck in this 24 - 27c range. I notice that someone park a 2m units for sale at 28c. Generally, this could be a sell wall, to prevent the stock from running away, giving time for accumulation. I suspect that once this is taken out, the path to 40c is clear.

Funding like others have said is definintely not an issue in this environment. I suspect that if management did not have a binding agreement and now approach lenders, the funding may have been dealt with quicker, but this is hindsight and the sentiment changes too quickly for them to know. They try their best and I am in no way faulting them. I just hope that we get this FIRB/ODI approvals done and dusted by end of May, which is my expectation. Until then, sit tight, HODL, and don't be lured by the quick profit - the upsides are huge. The cream will be when they use the cashflow from Paulsens to restart mine 2. DYOR and not financial advice, just outlining my thesis.