Ann: Pantanillo Oxide Project - Advanced - Oxide Au - Large Scale, page-14

Hope you all watch that short 5m youtube video @walshyo posted ... again the reference PL talks to is RIO2. And again validates 43-101 vs JORC ... and how little will need to be done.

So keep repeating 1Moz + in Measured (I can say it PL can not) for an Mcap of $14M ... A$14/oz for Measured is a bargain (IMO)

So, what attracts investors to some of the alternatives. I going to pick on a company I don't hold. I don't know anything about them other than their stock is doing very well (+22% on Thursday ... up big like many junior gold miners). Here's a chart



So at around beginning Feb 2025 the MCap is ~A$110M and now its ~A$330M ... so its 3X in in 3 1/2 months

What happened?
Early Feb they changed the company name.
All through Feb/Mar ... very good drilling results (multi-projects)
Late Mar did an institutional placement raising $25M (at just a 5% discount to last traded price)

This company has a JORC resource ... 4 projects (1 Reasonably sized and 3 projects under 100Koz). Total JORC 674Koz but, and this is a big but, its 91.7% Inferred only (just 8.3% Indicated and nothing in Measured). What that means is there is a lot of capital needed to be put into the ground to get to Indicated ... let alone Measured.

On a total MRE basis an investor is paying $483/oz Au in-situ. Even if I reduce the MCap to account for the cash raised .... call it $300M as EV that still puts the multiple at $440/oz Au

THAT's 30X the price you pay per oz Au at FLG

What sort of investor pays that price??? I don't care how good the project's potential is - that is nuts.