Investment Case

Value Proposition

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  • Production growth to over 60koz pa Au for 2026, driving an AISC reduction to less than $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

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  • Coringa will nearly double consolidated production by Q4-2025/Q1-2026E at a low capital cost of $15m
  • 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
  • Exploration Alliance with Vale provides exposure to copper exploration and development

Operational Track Record

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  • Over 10 years of continuous gold production from the Palito Complex
  • Successful track record of resource replacement
  • Proven project development expertise – Palito Complex developed on time and on budget
  • Technically-focused management team

Strong Balance Sheet

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  • 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

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  • 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