Ann: Q4 2024 Activities Presentation, page-19

Currently doing some research on Resolute, as I see some similarities to the Perseus of 2019. These threads are focusing too much on valuations versus Australian gold miners which have historically less jurisdiction risk and trade at higher rates. It's better to compare to WAF or PRU. Anyone who invested in Leo Lithium would be familiar with the risks of Mali.

Syama looks like a decent asset, I see two options for investors whilst the company improves production rates & lowers FC/unit;
1. Hold the equity and take the jurisdictional, execution and POG risk (noting it's currently a high-cost producer) - Higher risk/higher potential upside
2. Wait and see how production ramp up goes, CAPEX spend, then invest if all is going well and it turns into a FCF machine. Lower risk/lower reward.

Appears an interesting case from the perspective of risk vs. returns. Not quite sure I have the appetite for the country risk yet.

Cream