◆ Tier-1 resource base: Axcap controls approximately 7.9Moz across Nevada, Wyoming, and British Columbia, anchored by ~6Moz at the Converse Project on Nevada's Battle Mountain trend. The deposit is near-surface, drill-ready, and permitted for exploration, with favourable heap-leach metallurgy and proximity to existing infrastructure. ◆ Attractive valuation relative to peers: The company has acquired ounces at less than US$5/oz in the ground, compared with peer developers trading at US$47/oz. It is currently trading at US$3/oz on an EV/oz basis. Incremental de-risking through updated resource models, metallurgy, and engineering is expected to drive material valuation re-rating. ◆ Converse development case: Our conceptual scenario outlines the production of ~155,000 ounces per year over a 16-year mine life at an AISC of ~US$1,845/oz, supporting an after-tax NPV5% of ~$434M (at US$2,700/oz gold). Importantly, re-rating potential is embedded in Axcap's cost base versus peer multiples,