Member Info for Target6p

1.3p. Fingers crossed we get into production in 2029! 🤞

Magic~ My own calculation of fair value today is 1.04p, using a 30% hurdle rate. However, markets will lean towards the next step forward, hence the current valuation. Probably have to mark some time at this juncture.

Sure Magic. These are the unknown variables. Could well see more placings to cover PLC costs, exploration and or indeed Saudi.

Indeed, there are other unknowns that can affect the SP down or up including actual retained interest in TK, additional CAPEX, gold prices, breakeven costs, resource additions or subtractions, GMCO valuation,, etc etc. List can go on.

1. June elections concluded

2. hangover cleared

3. residents re-settled

4. debt drawdown commenced

5. notice to proceed has been issued

If all this happens by year end, we should hopefully be above 2p. Then pushing 3p mid construction. 3-4p at commissioning. 4-5p at first production. 5-6p ramp up and then 6-7p full production and FCF. This is of course based upon conservative assumptions and all facts and figures today i.e. gold price, resource etc. My own target is 6p by end of 2029. Hopefully, all works out in the end. Won’t be all smooth sailing, but if management keep making progress, along with the contractors, then we should see gold production.

📍 Q1 2026 – Construction formally launched

Official construction commencement / groundbreaking (Feb 2026)

EPC contractor mobilisation ramps up

Site clearing expands

👉 Key milestone:

Project moves from “development” → “active construction”

📍 Q2–Q4 2026 – Bulk earthworks phase (main civil works)

This is the heaviest earthmoving period:

What happens:

Open pit pre-stripping begins in earnest

Plant platform excavation and levelling

Tailings storage facility (TSF) construction starts

Water diversion and drainage systems built

Haul roads fully established

Power and water infrastructure laid

👉 This is the core bulk earthworks window

✔ Output impact: none yet (cost phase only)

✔ Peak activity: heavy equipment + continuous earth movement

📍 Late 2026 – Early 2027 – Process plant construction

Foundations completed

Steel erection for processing plant begins

Crushing and milling circuits installed

Long-lead equipment delivered (mills, leach tanks, etc.)

👉 Earthworks gradually transitions into structural build-out

📍 2027 – Plant mechanical installation + mining ramp-up

Mechanical & electrical installation dominates

Commissioning preparation begins

Open pit mining increases (pre-production ore stockpiling)

Underground preparation planning (if phased in later)

👉 This is the transition from construction → pre-production mining

📍 Late 2027 – Commissioning phase

Wet commissioning of plant

System testing (crushers, mills, recovery circuits)

First ore processing trials

📍 Late 2027 – Early 2028 – First gold production

First gold pour expected during ramp-up phase

Production gradually builds toward steady state

📍 2028 – Steady-state production

Target plateau reached:

~140,000 oz/year average production (base case)

Open pit becomes fully operational feed source

📍 2029–2032 – Open pit + early optimisation phase

Stable production period

Ongoing grade management

Potential early underground development work (depending on sequencing)

Where this goes? Been some journey to this point.

Everything goes to plan, this should be higher in 3 years time! Happy to hold and hopefully make around 4x my money 🤞