Matthew Gordon,
Ptolemy Capital
A gold producer 18,000oz-20,000oz with big ambition. They want to be a 150,000oz producer in 3 to 5-years. Bullock has a solid track record but been only been at Anaconda for a couple of years. He walked into a small producer with comfortable cash flowing business but without the ambition to do more. He lays out how he plans to deliver a growth story to the market; Exploration, Development and M&A. The current producing asset has short Life of Mine of 2.5-Years but has been the case of several years. They continue to explore and expand that resource and continue to generate cash flow from gold sales. Currently, the cash generated from that covers their overheads and exploration on their other assets. Drill results look good. Grades are high-grade. Now they need to show where the scale comes from. If they can do that, this project looks very interesting. M&A is always tough and in this environment can be expensive. For us, the exploration and development story at Goldboro is the main event. However, Tilt Cove is progressing too with the flow-through money provided by a Swiss fund.