At a $1500/oz gold price a 100,000 oz/year operation with a 15-20 year mine life is plausible with resource upgrades. That could generate some $50m in FCF per year or $500m value. Getting 10-15% of that wouldn't be unusual if various milestones are achieved ...so a 2-3x from here is certainly conceivable if all goes well. I am long TZ gold myself but through a different cheaper, unencumbered vehicle.
Ann: Change in substantial holding from RSG, page-51
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