Gold exploration project in Canada, Timmins camp. Current PEA was done in 2022 - 11y mine life, NPV 387M with 33% IRR @1700 gold. At spot price the project NPV is 2.1B$ already now, although without factoring in capex/opex inflation since 2022, which would bring the value down slightly.
1.5m oz MRE, currently doing infill drilling to bring that to 3moz. PEA will likely not be updated, and GGO will go straight to BFS in 2-3 years. It is very likely the company will be bought out way earlier than that, given current M&A activity in the region and valuation of GGO.
Production profile is based on toll milling agreement with Pan American Silver, who own 9% now and can go up to 19.9%. Will do Bulk Sampling soon. Will raise a bit of equity probably, and add 30M from loan to finance initial small-scale construction planned already for Q2`2026.
Concerns - too high public float (62%), low management ownership (3%) and quite some warrants/options/convertibles. However, with 9% owned by Pan American, Sprott with 19%, and Gentile recently joining as strategic investor too - the support is evident.
The company seems to have stayed under the radar for a while, and with very comparable characteristics to Radisson Mining they present a compelling investing opportunity at current market cap. 5x upside is very much warranted in mid-term.
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