Ann: Options Prospectus, page-56

Interesting reading about the collapse of Wiluna mining in mid 2022. Wiluna is in the same region with near 5 million ounce of resources and is a 120 year old mine.

I suspect this collapse of a neighbouring mine with higher grades to Gateway puts the economic feasibility of Gateway as a mining operation into question, at current gold prices. This has potentially contributed to Gateway’s price drop from 0.12 in mid 2022 to its price now.

Bellevue Gold, another mine in proximity to Gateway has reserves at nearly 10g/tonne and just poured their first gold and its share price has rapidly risen over the last 5 years from cents to a 1.70 or thereabouts.

The grades obviously play a big component in the economic viability of the project.

A strong rallying in the gold price obviously will help.

Horizon’s progress is key too. They will be undertaking a scoping study which will be released in Q1 2024 and this could have ramifications for Gateway as a potential merger perhaps. Horizon’s reserves are 1.5g/t on their reports and gateway’s are 1.6g/t. I am not a geologist and surely many other factors play a part in assessing the viability of the project.

Hopefully things turn around.