Ann: Complete Funding Package for the Murchison Gold Project, page-20

I dont get all the hand wringing. This is a $100M Mkt Cap company with production starting mid next year at circa 80kozpa, once the DQ24 upgrade kicks in. They only need a fraction over 4g/t to achieve this production rate. They are fully funded with an extra $22M extra in the bank. Re commissioning risk, the plant is already there and commissioning risks are likely minimal given the operators know the asset well. I cant see a shortfall of mine feed or a delay in commissioning. In my mind, with some further exploration news, I see fair value in the $300-$400M Mkt Cap range by the end of next year. That is a 3-4 bagger in 16 months with the key risk in my mind being a pull back in the gold price