Ann: MRG HMS - World Class HMS Deposit Confirmed at Koko Massava, page-37

Hi TEP, always interested to see how others come up with their buy/sell/hold sentiment based off percentages of NPV's (for micro caps).

I'll often use 30% of NPV (or my expected NPV) as the high end (look to sell or double research as it approaches this number), and it looks like you're happy with 15-20% - which is a little more conservative than me. Is there a reason for this and would your sentiment change if the SP goes above these %'s and you don't see an increase of the NPV as a likely outcome?

Furthermore, do you revise your upper limit % to the upside as the project goes from PEA to PFS to DFS, etc.?

Love hearing about the strategies used by others in this space.
Regards