pir article, page-2

From Argonaut

Papillon Resources (PIR) - Rock Solid

Papillon Resources

The Pre-Feasibility Study results demonstrated PIR’s Fekola Project in Mali is shaping up as a highly desirable, low cost, 300+koz pa asset.

As anticipated, the PFS focused on higher grade / margin open pit ounces resulting in robust project economics at US$1,300/oz and US$1,100/oz gold price.

Argonaut’s comparative analysis demonstrates the asset is in a class of its own as a development asset, and has the potential to outperform the majority of existing >200koz operations operated by ASX gold companies. PIR’s corporate appeal is rapidly elevating with the advancement of Fekola and a weak share price resulted from a volatile gold market.