Solid Hi-Viz look.

The main learning is getting to know the process of heap leaching better as it is not super common in Australian as the rocks are usually not amenable to it. Whilst White Dam has produced before, there is a reiteration of what the rocks are that makes heap leaching work. Also, when talking about regional geology and exploration, the rocks are largely the same so one can form a view that regional exploration success going forward is likely to build long term mining inventory (a key gap they have to plug).

On trips like these, you also get to meet the key people in the team driving it all (i.e. ops manager, exploration manager) and get the general vibe of the culture, which appears good. In terms of the MD, you really get the appreciate that he knows what he is doing. Improving confidence in the team is key as goo people and teams can be make or break.

When talking about phase 1 being the current turnover run and then the top lift re-crush, there is a better sense of understanding what that involves and the potential value of it. That first 250kt has been done, is being irrigated, and in a sign that it is working and leachate is flowing through to the ponds. I started to get a sense that CY26 outcomes might have upside risk to them beyond a much higher gold price. If this upside plays out to some degree, they make much more money in CY26 than previously expected and would be fully funded to roll into phase 2. There is a strong case that they don’t come back to market.

All of these are small individual aspects which go towards building up my conviction in the investment and give more confidence that PGO is a fairly asymmetric bet, which to me clearly has the potential to be 5-10x over the next couple of years.

Thanks @BkrDzn i was wondering the success chance of the heap leaching, there seemed to be an element of see if it works in the reporting. Sounds more like see how well not if.

The MD speaks well in the media I have seen so far.

Do you know roughly when they expect to report more drilling results?

What would be a thesis breaker for you on this one?

White Dam has operated before and doing the reprocessing of the heap should yield somethimg. When they get into fresh ore next year, its from the deposits that are on the heap now. I don't think the risk is so much does heap leach work here or not, its about how well can it done again going forward.

Key upcoming catalysts are:

• First gold pour next month
• Assays later this quarter noting that drilling is infill on the existing resources with regional stuff to come later in the year.
• Re-crush of the top lift later this quarter too
• MRE update and mine plan for phase 1&2 about mid this year

Thesis breaker would likely be seeing very poor outcomes from phase 1 as it would mean more funded needed to get phase 2 going.

Thanks appreciate the insights on this one

Based on what you saw / learned during the visit. Has it changed how you view heap leech projects?

I already had a positive view on heap leach as it is common and works well in North America as lots of their rocks are suitable for it, particularly in places like Nevada. I think between PGO and the work I have done on STN, I have gained a much better understanding and application of what the rocks need to look like in Oz for it to be considered a suitable option. I note OZM is looking at heap leach for its project but I have no view on that yet.

I note that sometimes a site trip or work on one company can help the understanding of that particular opportunity but it also educates me on something that can help me assess other opportunities i.e. I now have interest in look at something like OZM because I know what I should be looking for to assess that project. I also have a better idea on scale, costings etc.. so can do a basic economic evaluation to work out if its an asymmetric bet.