Ann: Finding More Gold, Faster, page-106

Look at the last couple of Golds Bull Runs. The gold price environment creates favorable conditions, but company-specific catalysts are the primary drivers of these returns. These are the companies we are looking for. This is what we are hoping DRE (and others) will become!

2008-2011 Gold Bull Run

1. Gold Road Resources: Grew from a micro-cap explorer worth less than AUD $10 million to reach several hundred million in market cap after discovering the multi-million ounce Gruyere deposit in Western Australia. By 2019-2020, it reached a market cap exceeding AUD $1 billion.
2. Regis Resources: Increased from under AUD $50 million to over AUD $800 million market cap as it successfully brought its Duketon projects into production in Western Australia.
3. Evolution Mining: Formed in 2011 and quickly grew from around AUD $200 million to become a mid-tier producer worth several billion dollars through acquisitions and organic growth.
4. Osisko Mining:Grew from a $100 million market cap to over $5 billion before being acquired by Agnico Eagle and Yamana Gold in 2014.
5. Detour Gold: Rose from under $300 million to over $3 billion market cap as it developed the Detour Lake mine in Ontario. Later acquired by Kirkland Lake Gold for approximately $4.9 billion.
6. Fronteer Gold: Market cap increased from around $100 million to over $2.3 billion before being acquired by Newmont in 2011, primarily due to its Long Canyon project in Nevada.

2001-2008 Gold Bull Run

1. Oxiana Limited: Led by Owen Hegarty, grew from a small explorer to a significant mid-tier producer with a market cap exceeding AUD $6 billion before merging with Zinifex to form OZ Minerals.
2. Integra Mining: Increased from micro-cap status to a market cap of over AUD $400 million developing the Randalls Gold Project before being acquired by Silver Lake Resources in 2012.
3. Aurelian Resources: Grew from penny stock status to a $1.2 billion valuation following the discovery of the Fruta del Norte deposit in Ecuador.
4. Moto Goldmines: Market cap increased from approximately $30 million to over $500 million as it developed the Kibali gold project in the Democratic Republic of Congo before being acquired by Randgold Resources.