Ann: Successful Capital Raising to Restart Paulsens, page-30

Well, the market behaves sometimes very strange and in times likes these there are huge oportinuties to buy excellent assets at depressed levels. You can buy developers or even pre-production mining companies at valuations seen for some early stage explorers. Its never easy to estimate when the actual re-rate occurs, but from the past experience there is a huge upside from the moment of the mine permit/construction till the firt pour. In this specific case, we have a company which should start to produce gold on two of its three mines in the next 6-9 months and they have an additional mine, which might start to operate in the next 18 months or so. Target production of +150.000 ounces of gold. Obviosly, they need to deliver, but the management is strong enough to be capable to do so. On top of that we need to keep in mind, that the effect of jurisdiction is of a high importance. Australia in that respect is safe. Just look what can happen in Africa, what happens in South America, what kind of anti mining environment we got in Mexico.
So BC8 is targeting 150.000 ounces annual production in let say 2 years, huge exloration upside and maybe if they are lucky they can buy additional assets at depressed levels. They have this antimony card, so really lots to be excited about. And clearly, gold price will just move up, conservatively we get in my opinion 7.000 USD per ounce by the end of this decade, but can easily be even double of that. But to get a huge rerate, its enough if the management just execute what they have in mind and gold moves closer to 3000 USD per ounce (which by the way may happen already this year). I have increased my already huge position yesterday after the PP and intend to keep it for the next several years. GLTA.