Another great chart.

For intermediates, Long $EQX and $EGO.

For developers, Long $ORG.V $BSX.TO which are the only two w/ 5Moz+, trading <0.2x P/NAV, and post-tax IRR>40% @ $1500/oz.

Also long $VGZ, post-tax IRR 29.5% @ $1500/oz but T1 inventory and cheapest EV/oz. https://twitter.com/RonaldS_AuCu/status/1287060994779422720

$BSX.TO surface rights issues at mine site. But I think only a matter of time before resolved. Mgmt incompetence and self-dealing another big risk. But rocks are great. Large open pit and huge exploration upside. Trading 0.17 X PNAV @ $1500/oz Au. Project robust IRR 60%.

$ORG.V Sudan jurisdiction risk is huge but trending the right way. All-world backers despite high cash burn. Another large open pit with huge exploration upside. Trading 0.07 PNAV @ $1500/oz Au. Robust IRR 40%.

$VGZ Hard ore means energy intensive fine grinding. Proposed ore-sorting to minimize processing of gangue and improving head-grades. Processing issues a hurdle, not a fatal flaw. Hurdle much lower in this Au px environment. Price action curious. Perhaps Royalty/JV deal.

$VGZ also happy to own 6.2M shs of $MAX.TO. Will help with short-term funding needs, if required. Also expecting $2.4M payment from royalty buydown on Indonesian asset. Recently refreshed shelf but no equity dilution expected. Perhaps JV/Royalty deal on the horizon.