NVA - valuation $0.148 for Estelle based on Maiden JORC Oxide Korbel and RPM Hole SE12-008, page-34

Exploration upside per ounce at $10 per ounce is a constant (at 100% ownership basis). Just an opinion for value of additional ounces elsewhere on the property. In the valuation this is then multiplied by current 51% earn-in stage so only $5.10 is applied in the valuation. It's an opinion that based on historic drilling and JORC achieved so far they will identify a minimum of 5 Moz additional ounces on the property. This is then divided by share issue to get to $0.027 for 5 Moz upside. Exploration is not going to be that costly to identify more ounces.

Projected value at earn-in stage, well it is ounces in each group multiplied by EV / Oz column multiplied by 51%. The 3 groups then tallied.

( I missed the middle group in that calculation yesterday but it doesn't affect the price target )



Also if we tally the depth of the 21 drill collars listed in the Maiden JORC we get 2,242.17m of drilling. Maiden JORC was 2.5 Moz. So on average 100m of drilling adds 0.11 Moz of resource ( provided drilling is precisely targeted based on IP Surveys and in general an average resource grade of 0.43 g/t is achieved ).

Because of the presence of strong potential for near-surface ore bodies, the cost of further exploration drilling IMO should be relatively low. By my calculations where drilling is targeted based on IP surveys every 897m of drilling will in theory add 1 Moz of resource ( again assuming average resource grade 0.43 g/t is achieved ). So in theory 4,484m of drilling for another 5 Moz. This could get exciting!