Ann: High-Grade Copper-PGE Zones Extended at Gonneville, page-52

For what it's worth, I've doubled my position today.

With $125m in cash, the EV is just over $400m.

Even without Gonneville, the company has other projects which make up part of the EV, let's say approximately $50m.

So in effect, as of today, the market is pricing Gonneville at approximately $350m, an established project with years of investment and a scoping study that will progress to a PFS (with very likely better metrics).

Given the following is in the pipeline, I definitely think there is more risk of missing out on the medium term upside:
- Metallurgy improvements
- Gonneville drilling results (infill and extension)
- Julimar regional drilling results
- Inclusion of underground mining to improve financials
- Starter pit optimization and proposals
- Strategic partnership (Latest presentation stated "expressions of interest received" and "progressing in a second phase")
- Potential upside in Pd price (currently at 5 year lows)