Panther Resource Upgrade, page-6

Any increase in the MinRes will greatly improve the BCN valuation, as per the following table which compares the BCN value to the EVN Evolution Mining value:



On a MC - Market Capitalisation - per oz and EV - Enterprise Valuation - per oz basis, BCN beats EVN. However, the downside is the AISC for BCN of $1486 per oz, as per the following table.

The AISC varies significantly from the PFS ASIC of $870. Part of this variance is due the actual Capex spend of $25m v the PFS estimate of $21m. However, the bulk of the variance is at the C1 cost level of $1080, so operating costs are much higher than forecast in the PFS.

So the two drivers for a significant increase in the BCN valuation will be an increase in MinRes and a decrease in operating costs.