Ann: Great Boulder Launches 2023 Exploration Program, page-9

Good question. In short if we can get 450-600koz, we should get a substantial re rate. That's my target.

MGV is a analogue for GBR in alot of ways. High grade, close to infrastructure, shallow etc.

Their MRE was 660koz in 2020. SP hit 77c. I'm guessing market cap was over 300-400m. I haven't looked at dilution.

in 2022 upgraded to 12.3Mt @ 2.3g/t gold for 927,000 ounces. 130m MC (lowest in 3 years, was ~210m MC this year at one time). g/t is low. SP now 22c.

360% higher than us now in any case.

prob closest analogue is Andy Well MRE with 11.2g/t for 441koz at one time (2015) 140m MC. (second highest grade mine in the world at that time). 3.7 yr mine life in the BFS. That thing printed money at AUD1500/oz.

I could carry on, but I keep looking for holes in GBR potential and can't find any, 2023 I think we could be over 25c conservatively just with our gold.