Ann: Paulsens Gold Operation - Refurbishment Update, page-55

Worth remembering - 1,25m - 2.5m ounce exploration target for Paulsens. They have found hundreds of thousands of ounces since they bought the asset.

BC8 has an exploration target on Paulsens well above the current resource. On 13 November 2023, a JORC Code (2012) Exploration Target of 5-9Mt @ 5.0-10.0g/t Au for 1,250-2,500koz was announced. This included a near mine Exploration Target of 1-1.4Mt @ 7-12g/t Au for 250-500koz and a Regional Exploration Target of 4-8Mt @ 5-10g/t Au for 1,000-2,000koz5.

They will commission the mine on Low-grade stockpile of 11kt @ 1.6g/t, ready for use in commissioning. Then they will put the super high grade through or when they see fit. The mill was operated for 13 years, so the restart is of very low risk on a proven asset.

Paulsens also is strongly leveraged to the gold price with every $100 lift in the gold price adding another $16m to the operating cash flow. Gold has risen $200 since the upgraded study. DYOR