RE: Latest X tweet1 Dec 2025 14:10
Phase 1 (Bonanza & GOPP):
Consolidated daily Phase 1 economics (illustrative)
• Using 10 g/t Bonanza, 12% value-based toll fee, 50% toll net margin:
• Own gold revenue: ~$4,930/day
• Own gold profit (AISC $1,100/oz): ~$3,650/day
• Toll fee revenue (third-party): ~$23,970/day
Toll net profit (50% margin): ~$12,000/day
• Total daily profit: ~$15,650/day
• Annualized (300 operating days): ~$4.7M/year
Sensitivity — higher Bonanza grade (15 g/t), same toll assumptions:
• Own profit: ~$5,480/day
• Toll net profit: ~$11,700–$12,300/day (slightly lower third-party oz as own oz rises)
• Total daily profit: ~$17,200–$17,800/day
• Annualized: ~$5.2–$5.3M/year
P/E of 8 = $37.6m or $41.6m (£28.3m or £31.3m)
criminally undervalued @ £2m for fully funded Phase 1 alone.