People need to remember BEZ and Quantum entered negotitation for...

People need to remember BEZ and Quantum entered negotitation for an off-take and funding deal at around Nov/Dec 2022 when gold price was at USD $1800 per ounce.


Today gold price is consolidating at around USD $2050/Oz. To put it in perspective, if all-in-cost is at USD $1400 per ounce as some have speculated, then unit profit margin has increased from USD $400 to $650, or 62%.


So it was very compelling for Quantum to contemplate an injection of USD $300mil (AUD $440mil at current FX rate of 0.68) into BEZ 12 months ago (and finally signed the deal) it is absolutely far more compelling now at USD $2050/Oz gold price.

With 2 directors (including the founder of Quantum) now on the board of 5 directors of BEZ, plus 30% shareholding of BEZ, and as a sole funder and customer to BEZ, I see Quantum is essentially the major owner and beneficiary of BEZ.


The re-rate journey to $1 then to $2 has to begin in earnest from here. It is simply too cheap to ignore.


Merry Christmas.