Ann: Gold Coast Investment Showcase Presentation, page-8

Kal east out three years but toll treatment and coyote on earlier than expected to make up for it. Bc8 also picked up 2 extra mills, 2 extra camps and 750,000 high grade ounces. What’s not to like about that! This will make shareholders a lot more money over a longer period of time. Pushing Kal back isn’t the problem. The entire market has gone pear shaped. The gold price and sentiment was mislead by the FED’s rubbish talk of transitory inflation. That kept investors out of the space and focused on the markets and other asset bubbles. They ran out of road with that BS sandwich. Other companies have actually pulled their production forward and still dropped 40% after a placement. Nothing has escaped short term fear and liquidity grabs. I think managements direction is correct. Anything else in this environment doesn’t make sense. If Bc8 raised the $35m plus another $35m in debt, then we would all be hoping we don’t suffer cost blow outs and delays like everyone else. The market would have sold us off anyway. Even the big producers have lost 30% since April with a solid gold price. Bad markets make people doubt everything and that’s why I’ve always flapped quality management. I would also feel better if our price was a decent reflection of the companies value, but it’s not changed what’s in the company at all.
Coyote will be on this year with any luck. Toll treatment may also get underway. Both are within 12 months regardless. Kal East will only get bigger and the mills are ready to go. The stage has been set. I think that if Bc8 wants to use debt on these projects, it’s only enhanced it’s prospects the way things have been structured. They could probably borrow on the toll treat if they wanted to imo.
. Bc8 owns an asset group that could generate $150m free cash flow pa and the market sells it for pennies on the dollar. That’s something people would normally buy and hold onto, not sell. Thats sentiment for you.
Todays preso says that the existing stock pile ore pays for everything at coyote and Paulsens has plenty as well. That’s without another drill hole. If the cats didn’t drill another hole, these things could make hundreds of millions of dollars with 2m ounces to feed these mills. Dyor