Ann: DFS on 3.04Moz KGP on track for delivery next quarter, page-256

Thanks. I was too heavy in a Nth America gold explorer and the dismal share price forced me to look around.

The higher interest rate environment has seen all explorers across the board with anything less than a DFS suffer.

Then who could be bothered building a mine when the likes of Red5 had a market cap under $500m and Pantoro as low as $200m

I think there's always a natural order and the gold price is just getting started, then upward trends to follow:
1st: - Un-Hedged miners swimming in free cash
then- Marginal & hedged producers with strong reserves
miners still ramping up
explorers developers at; DFS
PFS
Jorc M&I
Jorc Inferred

I know Perseus is African, but gold is gold, being debt free and generating approx $500m pa in free cash (@ approx $2060 USD), their market cap is still only $3b

Realistically, we're still towards last in like. The likes of PRU should be heading to $5 and PNR towards 15c.

Yes our value metrics may of been present for awhile, but the market dynamics haven't, and still aren't, but they will be soon enough