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Investment Case
Value Proposition
- Production growth to 60koz pa Au for 2026, driving an AISC reduction to approximately $1,400/oz Au
- Highly prospective landholding for discovery of further gold deposits
- Strong balance sheet to pursue near term growth opportunities
- Organic growth and strategic corporate opportunities to create a 100-200kozpa Au junior gold producer
- Significant valuation re-rating boosted by increased capital markets presence
- Seasoned management team with deep experience in Brazil
Near Term Growth
- Coringa will nearly double consolidated production by Q4-2025/Q1-2026E at a low capital cost of $10m
- Near mine exploration at Palito and Coringa to target 1Moz Au resource at each project
- 84,000ha exploration tenements in highly prospective and under-explored Tapajós gold district
Operational Track Record
- Over 10 years of continuous gold production from the Palito Complex
- Successful track record of resource replenishment
- Proven project development expertise – Palito Complex developed on time and on budget
- Technically-focused management team
Strong Balance Sheet
- Well-funded to pursue near-term growth opportunities
- Net cash position (no long-term debt)
- Liquidity bolstered with $5m working capital facility
- Robust cash flow generation expected
ESG Focus
- Well established relationships with local communities. Historic expenditure of approximately $2 million since the beginning of 2017
- Direct employment of over 700 people in an historically poor region, with over 70% from the local communities
- 100% Brazilian in-country management
- Ethnically and gender diverse Board and management team