Charts, page-1485

Ofcourse not, the two are not even comparable.

Firstly, DEG had drilled 857 holes for their MRE, we have only completed 171 holes as of the last announcement and not all those holes are going to be included in the MRE because some are stepout holes. But let's assume all 171 holes are included in the TSO MRE, therefore, on a like for like comparison, DEG has drilled 5 x the amount of holes we have drilled.

The reference to the number of drills that we are funded for the remainder of the year is simply just a representation of the scope for expansion. We do have 4 N-S faults that step-out drills & extensions drills have confirmed mineralization extension from ore body. These 4 x N-S faults are underdrilled and won't be included in the MRE. Unless for some reason you believe that these are faults are not mineralized at all, you'd have assume that their is a strong chances of mineralization continuing. Afterall, there is mineralization is outcropping at surface.

Assuming the current market cap is a true representation of the fundamentals of the asset, then, It really isn't that hard to determine an approximate resource which the current MC assumes TSO to hold. Simply take an EV of $60Mil and divide it by a lesser benchmark ev/oz of $120/oz which assumes TSO has no more than a 500Koz resource and factors no upside in any future resource growth. Now, based on your experience, all the available information that is out there, even Zeff's own statement of where he believes the asset size for the MRE and your assessment of any future resource growth potential that there is absolutely no upside potential based on current valuations, then, I guess that is just your view.

However, I do believe that our asset size is higher than the aforementioned, based on a preliminary estimate undertaken by PAC, a block schematic block model completed by @123david321, my own rough and dirty and all supported by the following statement by Zeff as of the start of May. The aim is to achieve an MRE to support a 1Moz reserve operation in aggregate over 10 years. Assuming we don't get there but we are "close", I would say being 85% of the way there would be a fair and reasonable assumption? So let's assume we only achieve an 850Koz reserve target. Typically for open pit operations, the reserves are approximately 40%-60% of the overall mineral resource. So you would expect the MRE Mineral Resource to be in the range of 1.4Moz-2.1Moz. Coincidentally, numbers are not too far off what where i think the MRE will land. + Considering we're drilling non-stop for the remainder of the year with 6 rigs pumping 24/7, I'd also like to think that when the resource gets updated again at the end of the year, that the MRE has a good shot and doubling and some surely one would value some upside to this, even if it is heavily discounted.



You may or may not agree with my evaluation, which is fine, but, it is my basis. Which I don't think is unreasonable.