WWI versus PEERS

KCN (Kingsgate Consolidated Limited).

- Main project: Chatree gold project in Thailand
- Total resource: 3.77mil oz
- Average grade: 0.68 g/t.
- MC: ~$650mil.
- Current production: ~80k oz
- AISC: ~ USD $1900 - $2000





WWI

- Main project: WBP in South
Africa 15km from Johannesburg. S.A is well known for its diamond and used to be the biggest gold supplier to the global market. This country is the most advanced economy in Africa with British legal system.

- Total resource: 5mil oz
- Average grade: 4.66 g/t which is 6.8 times or 580% higher grade than KCN's Chatree project's average gold grade of 0.68 g/t.
- Target stage#1 production: 70k oz per year
- AISC estimate: USD $1000 per oz.
- Longer term production target: 200k oz per annum.
- MC = $66mil




One is 0.68 g/t average resource grade while the other one is 4.66 g/t. This is amazing difference and KCN can still make good money at 0.68 g/t grade.

WWI with higher resource, massive 580% higher grade, much lower All-In-Sustaining-Cost, almost 2×profit margin, should be valued much more than $650mil when it achieves steady production of 70k-80k oz i believe.

What really strike me is KCN is already making so much money that it is now having surplus cash to do share buy-back even its operational ore grade has been at super low grades of 0.46 g/t, 0.51 g/t, 0.55 g/t respectively over the last 3 quarters so far before it can achieve project's average resource grade of 0.68 g/t probably next year. That is unbelievable. It has made heaps of money even at ridiculously low grade of 0.46 g/t - 0.55 g/t. How much money can WWI make at QALA SHALLOWS with average grade of 3.04 g/t and how much money can WWI make at the whole WBP project with average grade of 4.66 g/t and annual production of 200k oz? MASSIVE! Truely MASSIVE.




Also, as you can see from the table below its AISC average over the last 3 quarters was USD $2018/oz. Last quarter AISC was USD $1839 as it has now achieved its steady production target of 70k oz - 80k oz. Coincidently WWI also target stage#1 production of 70k oz with much lower steady production AISC of USD $871/oz. My guess is the revised DFS coming out next month will outline a target production of 85k oz - 90k oz at steady production all-in-cost of USD $1000 while LOM cost could be USD $1150-$1200. The key here is the steady production AISC because you would make so much money during those steady production years that when it comes to last 1-2 years of life of mine of the project where remaining ore is so low and the grade depleted significantly as common with most projects that you wouldn't care too much.




Simply put, WWI's WBP project will be massively phenomenal and is an absolutely compelling investment case for me.

More peer reviews coming in the days ahead.