Development + Takeover Sleeper: High grade Gold, Copper + Bismuth(defence applications)

Was having a look at the old PFS and the assumptions in it. This has to be a real sleeper for development with the BFS to come shortly.

The gold price used in the PFS was $1770 usd/oz for total gold revenue of AUD $666.6m. At current prices this is now $1.5bn @ spot prices. ($3935oz, 0.66 exchange rate).

Below is a table of prices from PFS in 2022 to current and revenues at those prices

	PFS assumption	2022 PFS Revenue ($m AUD)	Spot Oct 2025	Spot Revenue Oct 2025
Gold	$1770oz USD	666.6	$3935oz USD	1504.414972
Copper	$4.25/lb USD	819.7	$4.78/lb USD	935.889918
Cobalt	$60 000/t USD	229	35000/t USD	135.6073232
Magnetite	$234.5/t USD	228.3	250/t USD	247.6058664
Total Revenue ($m AUD)		1943.6		2823.518079

That is a real big bump in revenue. The real kicker though is that the 2022 PFS did not include production of Bismuth. CST has a resource of 5900t with prices up 600% since the start of the year reaching a high of $192500 usd/t currently trading around the $120 000usd/t mark. Bismuth with its military applications and with China dominating supply is a great strategic mineral to have.

Pan African Resources bought a plant in the area with production having started mid this year and will be looking at expanding its operation in the area which makes CST a good target too. A lot to like at a $30m market cap.