Ann: Material Gold Acquisition, page-68

So let me get this right;

1. 25K oz pa of historical gold production from A1;
2. Still producing while in admin at A$2,600 per oz gold prices;
3. A fully permitted mill in a region where no new licenses are being given for mills;
4. Assume KAU ramps production back up to historical run rate of 25K oz pa;
5. Based on historical operating costs AISC of A$1,600 is realistic;
6. That's A$1,000 per oz in free cash flow X 25K oz = A$25M pa in EBITDA
7. ASX average PE ratio is 12 X Earnings so should be $300M market cap on A1 alone;
8. Then there's the Union Hill mine;
10. The mine has been drilled and mined but is now on care and maintenance;
11. No maiden resource has been defined at Union Hill;
12. It sits 30 km along strike from Fosterville, which is the largest producing gold mine in Victoria;
13. Fosterville is owned by Kirkland Lake Gold (TSX: "KL"), which is valued at C$19B;
14. Mineral Reserves at Fosterville in December 31, 2018, increased by a million ounces to 2.7 million ounces (2.7 million tonnes) at an average grade of 31.0 g/t, including a Mineral Reserve in the Swan Zone totalling 2.3 million ounces (1.47 million tonnes) at an average grade of 49.6 g/t (https://www.kl.gold/our-business/australia/fosterville-mine/default.aspx)
15. The potential for early exploration success at Union Hill is significant. A couple of deep holes could: (1) help define a maiden resource; and (2) show another Fosterville style deposit. If this happens, in conjunction with a profitable small scale, high grade operating mine at A1, then this is a A$500M + Company all day every day.

Unless I'm missing something this is going to be hottest stock of 2021 IMHO.