Capricorn feasibility study due next quarter, writes Barry FitzGerald, page-6

Interesting reading one of the previous Euroz analyst notes back in February (on the CMM website).

They do a direct comparison with GCY's Dalgaranga project. Karlawinda is valued at ~35% of Dalgaranga at current prices. Dalgaranga has been improved since this table was published, and GCY has significantly derisked the project, but still its difficult to justify such a gap in valuation. I also think GCY is trading well below fair value at current prices (and its one of my largest holdings).

What stood out to me was the projected cost in the first three years of production at Karlawinda. I hadn't fully appreciated the low cost to produce from the upper portion of the pit. If it is $800/oz then it would be among the cheapest mines in WA.

I note last year that quality of GCY's project wasn't fully realised until the PFS put out the first estimate of AISC numbers. The share price doubled in the next month.