Five reasons to invest
1. The world's richest gold address
The Witwatersrand Basin has produced over 1.5 billion ounces of gold, representing 22% of all gold ever mined above surface. Our 7.24 Moz resource at 4.00 g/t sits squarely within this legacy. High-grade, proven geology is not easy to find.
2. We are producing gold today
First gold was poured at Qala Shallows on 17 March 2026. We have crossed the threshold from developer to producer. Production is ramping and we are targeting 70,000 oz per year at steady-state, for 12 consecutive years.
3. Exceptional project economics
Our DFS supports a post-tax NPV of US$500M, free cashflow of US$983M, and a US$2.7B life-of-mine revenue at US$2,850/oz gold. With an AISC of US$1,181/oz, we have strong margin headroom at current gold prices above US$3,300/oz.
4. Fully funded with short payback
Our A$96.7M capital raise has fully funded us through to sustainable production. Peak funding is just US$44M with an 8-month payback period from peak funding. We have a lean capital structure relative to our asset scale.
5. Phase 2 growth to 200,000 oz/yr
Beyond Qala Shallows, our WBP trade-off studies support a pathway to 200,000 oz per year via additional underground infrastructure and processing capacity. The basin resource supports over 25 years of production across all reef horizons.
Our journey to production
2021
Mining Right Granted
We received our Mining Right for the Witwatersrand Basin Project, securing legal access to one of the world's most significant gold endowments.
2023
DFS Confirms World-Class Economics
Our Definitive Feasibility Study confirmed a 16.8-year life-of-mine, 944,000 oz of gold production, post-tax NPV of US$500M, and free cashflow of US$983M.
March 2026
First Gold Poured
We achieved first gold at the Ezulwini Plant at Qala Shallows, completing the transition from explorer to producer. Production ramp-up is now underway.
2027 Target
Steady-State Production: 70,000 oz/yr
We are targeting steady-state production of 70,000 oz per year for 12 consecutive years, building sustainable cash flow and shareholder value.
Phase 2 Vision
Scale to 200,000 oz/yr
Our Project 200 trade-off studies support a pathway to 200,000 oz per year across all three reef horizons, establishing us as a significant mid-tier gold producer.
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