Novo NR, page-14

HI GoldPirate, per calculation posted on CEO.CA, Sprott has invested over $25 million in Novo at an average cost of around $1.50 Canadian. He's still ahead. Kirkland Lake's average cost for its 29.8 million shares is $3.18 Canadian so its in the hole $36 million on its Novo shares. Kirkland Lake is in the hole for $2 million for its De Grey shares. Kirkland Lake's projected earnings for the last 3 quarters of 2019 is $345 million and $550 million in 2020. Ghosta. although he's a basher/moron, might be right about Kirkland Lake not caring about the losses at Novo and De Grey given its making money hand over fist elsewhere. De Grey might be too small to interest Kirkland Lake further although it could pump $25 million into a JV with De Grey and never blink an eye. As to Kirkland Lake paying $5 a share to Artemis for 4 million Novo shares, it gave Kirkland Lake a greater ownership percentage when Novo/Kirkland Lake were worried about hostile takeovers. I.e., Novo/Kirkland Lake didn't want Artemis shares falling into the wrong hands. Novo/Kirkland Lake are looking at the long view of developing a huge resource in the Pilbara. It looks like Sumitomo will provide expertise and finance that effort for a 40% cut of the action. Even with its great projected cash flow, the Pilbara is too big for Kirkland Lake to finance all the exploration that needs to be done across Novo's tenement holdings. De Grey is just a small piece of the pie but Kirkland Lake won't let it go into receivership. its got too much potential.