This is certainly shaping up like it could be another major West African mine... On a recent Koba Resources presentation they state that Afema has a Resource of 2.8 Moz - https://www.koboresources.com/contentFiles/files/Kobo_CorporatePresentation_Sept2023_final.pdf. I would like to see more data on this historical Resource - if anyone one here has this, please share.
This must obviously be a historical Resource - and this Woulo Woulo discovery has been made since then. So Afema could realistically be a multimillion ounce project. All they need is 1Moz extra to match Persus' Yaoure deposit, which is now in full operation and printing cash. Then we are talking about a take over target... all the ingredients are in place for a significant rerate in my opinion, notwithstanding the current bull market gold is in. Based on the historic 2.8Mounces, they are trading at extremely low EV/oz.
I don't understand the market's lack of interest in the latest announcement, but I'm happy to buy more at these levels.
Ann: First Drilling at Woulo Woulo Delivers 105m @ 1.61g/t Gold, page-16
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