WWI versus PEERS, page-3

WWI versus TCG (TURACO GOLD LIMITED)




TCG
- Main project: Afema Project in Cote D'V
oire, West Africa
- Project ownership: 80%
- Total resource: 3.55mil oz
- Resource average grade : 1.2 g/t (Afema has 4 discreet nearby prospects, each with different resource quantity and different grade. However, the total combined resources is equal 3.55mil oz at average grade of 1.2 g/t)
- Time to mine development: Not available. The company has started Feasibility Study and expect to deliver it by end of 2026.
- Time to actual mining: not available. Too early to even think about it.
- MC = $520mil



WWI
- Main project: Witwatersrand Bain Project (WBP) in South Africa.
- Project ownership: 74%
- Total resource: 5mil oz
- Resource average grade: 4.66 g/t which is 3.88 times or 288% higher grade than that of TCG's Afema project's average grade.
- Time to mine development: ongoing. Now.
- Time to actual mining: 3 months from now.
- MC: $66mil.


Comments:

- Afema Project is growing its resource fast. It currently has 3.55mil oz at 4 seperate deposits and it also drilled and hit gold at 3 other nearby prospects. The company aim to upgrade its MRE again end of this year. I think Afema Project will grow from 3.55mil oz to around 4.5mil oz at the next MRE upgrade.

- The major difference is in AVERAGE GRADE. WWI's WBP has 5mil oz at 4.66 g/t while TCG's Afema resource is at only 1.2 g/t. WBP has 4.66/1.2 = 3.88 times or 288% higher grade than Afema project has. In other words, WWI only needs to dig up 1mil tons of ore while TCG has to dig up 3.88mil tons of ore to produce the same amount of gold. And that means a significant difference in terms of production cost. In the table attached above, you can all 4 deposits use the same cut-off grade of 0.5 g/t. We all know WWI used cut-off grade of 2 g/t for its 5mil oz resource. That is 4 times higher cut-off grade. Imagine if WWI bring its cut-off grade down to 0.5 g/t, its resource would grow massively. 10mil oz? 15mil oz? or 20mil oz. We dont know how big the resource will become but it surely would be much bigger.

So, the key point here is: even if TCG will upgrade its resource to 4.5mil oz or even 5mil oz end of this year it is still won't be 1/2 of WWI's WBP's resource because of the cut-off grade of 1.2 g/t for Afema Project versus 2 g/t for WWI's WBP.

- All-In-Sustaining-Cost (AISC): 1mil tons of ore for WBP = 3.88mil tons of ore from Afema Project to produce the same amount of gold. WWI definitely has much lower AISC and thus much better profit margin.




- Time to mining: WBP is scheduled for first ore extraction in 3 months while Afema Project is still in drilling and drilling stage. The graph shows that its Feasibility Study wont deliver the result until end of 2026. Typically, DFS can then commence 1 year after Feasibility Study result and take more than 1 year to complete. Then after DFS, it takes around 1-2 years to commence mine development and another year to mine commission before mining activity can start. So, i think TCG won't start mining before 2030-2032. I hope people can now appreciate that WWI is going to mining in 3 months. Not many projects make it to this mine development stage at all. It is an amazing achievement for WWI.

- THE BEST THING IS: TCG = $520mil MC and WWI = $66mil MC.

Shouldn't WWI be valued substantially higher than TCG? No worry, the market will fix it soon. No doubt about that.