Some final pieces of the puzzle to punch into your models. FYI the below numbers are based purely on Qala Shallows revenue and ignore any value for other assets resource or tenemants (Anywhere).
15,000 tonnes per month starting March 26 with steady ramp up to 70,000 by 2028 Optimised DFS will be modelled on 3,000usd I have applied my own estimate of new AISC $1,500 USD I have a ramp up grade of 2.9g/t 26 and 27 while they target proven reserve.
If they hit their deadlines and issue no further shares (Options will definately pay, probably soon)
Year Ore Mined Gold Price AISC Recovered Oz Pre-Tax Cash Flow usd Implied Market Cap Share Price Based on 5x AUD 2026 ~228,500 $3,000 $1,500 ~20,000 ~$30.0 M ~$224 M ~6.6 cents 2027 ~560,000 $3,000 $1,500 ~49,000 ~$73.5 M ~$549 M ~16.2 cents 2028 ~873,500 $3,000 $1,500 ~70,000 ~$105.0 M ~$784 M ~23.1 cents 2029 ~873,500 $3,000 $1,500 ~70,000 ~$105.0 M ~$784 M ~23.1 cents
Rerate catalysts mentioned in Announcement. ❖ Release updated Qala Shallows DFS (Aug-25) This potentially doubles the Qala Reserve by 300koz - 400koz based on lower cut off grade and increases the total project resource by 1 million oz and will be followed by access to debt funds.
One a penny, two a penny 12 bags full!
Average analyst gold price prediction is between 4-5k in 27 and 28. If gold is 5000usd an oz in 2028 then the implied shareprice is 54c This is without anything else being developed or discovered Just pretty ole Qala
WWI Price at posting:
2.1¢ Sentiment: Buy Disclosure: Held
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