Summary
AWJ is a successful, well managed and low-risk gold growth story that has enjoyed strong market
support for its incremental growth strategy, particularly amongst retail and sophisticated
investors.
No longer is small-scale production viewed as being second-rate, especially when it is
achieved without equity dilution for existing shareholders.
By being prepared to retain a 50% stake of net cashflows from its initial production asset, Jeffreys
Find, AWJ has been able to rapidly accelerate gold production at a time of escalating gold prices.
AWJ has avoided the time, complexity and costs of mobilizing equipment and hiring contractors
independently, as well as eliminating the requirement for it to fund its proportionate share of
working capital for the project. AWJ was therefore able to realise returns from Jeffreys Find far
more quickly than if it was running the project on a stand-alone basis.
We now see AWJ well positioned with additional near-term cashflow from the processing of the
remainder of Jeffreys Find ore, the Munda Starter Pit and potentially the Lindsays Mine.
AWJ therefore remains firmly within our coverage Portfolio.
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