BEZ REVIEW, page-428

These are the updates I expect will be released in this current quarter:

- USD $9.8mil deposit from Quantum.
- Pilot plant equipments finally arrived on site and ready for construction.
- Stage#2 metallurgical study
- Drilling activity ramp-up with 3 or 4 drill rigs.
- Mining permit application has been lodged and could be approved given EIA was approved in 4 months, pretty quick.
- CEO appointment.
- Board of directors: increase to 6.
- Key technical personels for mining site and head office in Melbourne.
- Most importantly, DFS commencement.


As I said before, I believe when BAU project is in production stage, BEZ's MC will be in the range of $1bil (easy) to $2bil ( harder), based on comparisons to other gold stocks at various different stages:

- DEG = $2.4bil MC (MRE = 15mil oz, but no DFS yet, no off-take agreements yet).

- BGL = $2.2bil MC (MRE = 3.1mil oz, in production)

- SXG = $400mil MC (no resource MRE yet, Exploration Target = 1mil oz to 1.6mil oz, no PFS, no DFS, no off-take agreements yet).

In about 2-4 years when all 3 above companies are in production stage, I believe BGL can be $3.5bil-$4bil MC, SXG can be $1.5bil-$2bil MC, and DEG can be $4bil - $6bil MC.


BEZ = $46mil, MRE = 3.1mil oz, Exploration Target = 4.9mil oz to 9.3mil oz, off-take agreement worth up AUD $9bil - $10bil, pre-payment agreement of up to AUD $450mil (USD $300mil), pilot plant construction soon (1st batch of equipments already completed, 2nd batch of equipments being completed with China-based YANTAI MACHINERY Co), DFS about to commence. What MC will BEZ be when it is in production? In my opinion, $1bil MC (easy and conservative) to $2bil MC (harder but quite possible and potentially exceeded if upgraded MRE is more than 5mil oz which the company stated they are targeting).

I strongly believe BEZ will move to production before DEG and SXG given it already has EIA approval, mining permit application lodged, pilot plant construction soon, DFS commencement soon, stage#2 metallurgical result soon, AUD $9bil-$10bil worth off-take agreement in place, pre-payment deposits up to AUD $450mil ongoing. Possible further other off-take partners as Noblemen Venture Pty is now officially engaged to look for commercial and corporate deals for BESRA. And most importantly its biggest shareholder of 30% holdings is also the biggest off-taker, and therefore it has all the incentive to see the project moving to production as fast as it can.


AIMO. DO YOUR OWN RESEARCH.