Charts & TA, page-222

Gold isn’t going to drop in value and I’ve got a few very good reasons for it.

1.Sanctions & “weaponisation” of reserves – Russia’s 2022 freeze galvanised many EM central banks to seek assets that the U.S. cannot block.

2.Record official-sector gold buying – >1 000 t in 2024, triple the 2010-21 average, pushed bullion past the euro to become the No. 2 reserve asset (20 % share) .

3.BRICS & bilateral payment systems – July-2025 Rio summit agenda includes a BRICS settlement unit and expansion of local-currency trade lines .

4.Fragmenting geopolitics – IMF research notes a Two-Bloc world encourages reserve diversification into “non-traditional” currencies and gold

now we have to think of how DFS projects future gold prices. Board policy/corporate deck, regulatory floor (clause 20 jorc code), debt lenders screen, peer benchmarking, market credibility versus upside. All of these will be higher when DFS is completed leading to a rerate.

for me personally, I will be holding the majority of my shares until production. So the point I’m making is JORC prices are conservative and once this goes into production revenue is going to be realised in real time, so cash flow multiples and gold input for analysis will be either spot, 12 months looking forward or a blend.

my opinion is I’m happy to wait 3-4 years for a “Disallowed” especially with how much I have invested. I can’t thing of another way to get that sort of return with the risk profile this company offers.