Jul. 25 at 10:38 PM
$TRX My investment thesis, Part 2:
A producer growing output while cutting unit cost, self-funded, is a different multiple than a single-plant junior — that's the re-rate.
**Leg 2 — to
$37 (2x again): reserves + gold.** The Q4 2026 PEA revises an NPV built at
$4.X,000 gold onto expanded capacity and a deeper, longer pit; ~9–10 new drill targets feed resource growth. Higher realized gold plus a larger, better-defined resource compounds the Leg-1 operating leverage. STAMICO's 45% only bites at the dividend stage, so reinvestment years are unencumbered.
**What has to hold:** gold near
$4.X,000+ through the build (the self-funding assumption), clean mill ramp, and PEA confirmation. Break any and the timeline slips.
