EV $123.2M @ $80oz for 1.25 g/t au

EV $123.2M @ $80oz for 1.25 g/t au based on peer group comparison with AOP and KIN which both have million ounce resource at 1.2 g/t au. BEFORE we assess 6,000m of drilling that awaits assay results.

This means we go 2x in price to match our peers.

AUC JORC now 1.54M ounces within a 17km trendline where all resources remain open, along strike, across strike, and at depth. AUC is now extremely undervalued and represents a very opportunistic take over target for a larger miner intent on developing a multi-million ounce resource, with near term open pit potential for a 10 year 150,000 ounce per annum operation.