Market Cap $33mil SOI 992Mil (fully diluted 1100Mil) Cash Forward Looking $8mil (post cr) + $3mil Tax rebate = $11mil + $2-4Mil Possible 7c option conversion which Gold Fields Options Cashburn $1.5mil/Qtr Cash Runway 7-10 qtrs (circa 18-24 months) Project Summary & Short Term Catalyst
1.1Moz Open Pit Resource (pit constrained), Chile. Largest Copper Producing Nation. Tier 1 Mining Jurisdiction
2 Rigs - 8 DD holes drilled Per Month - Newsflow approx every 3 weeks.
12 Months Drilling - Constant News Flow - One of Few Gold Exploration Plays with the consistent newsflow
Resource Update in Dec 22 >1.5Moz
Resource Update in 2023 >2Moz
Gold Fields Strategic Investment & essentially underwriting recent $8mil raise with 80% of funds to be used on district target drilling
Intrusive Related Gold System - Targeting 2nd &/or 3rd Deposit Discovery
Speculating full TO after significant intercept is hit at a district target as it proves the exploration model works.
Director Geoff McNamara has track record in country with involvement in $700mil corporate transaction of Far West Mining Santa Domingo Project At development stage to Capstone.
Gold Fields CEO telegraphing growth plans via acquisition to replenish pipeline for next 10-20 years
With the Strategic Investment from Gold Fields TSO now becomes a Take Over play in <12 Months
Recent Peer Comparison based on Acquisition Valuations (Average = $105/oz)
AOP/RMS - 1.1Moz, Approx Value $160/Mil = $145/oz
OKU/B2Gold - 660Koz , Approx Asset Value $90/Mil = $136/oz
Amarillo/Hochschild - 1.7Moz Approx Asset Value $148/Mil = $88/oz
Corvus/AngloAshanti - 4.2Moz Approx Asset Value $406/Mil = $95/oz
Speculative Total Asset Value of a TSO Acquisition
Lower Range 2Moz x $88/oz = $176 Mil + District Scale Driving Success?
Upper Range 2Moz x $145/oz = $290 Mil + District Scale Driving Success?
Median Range 2Moz x $105/oz =$210 Mil + District Scale Driving Success?
