Ann: Korbel Gold Project Starter Pit Scoping Study, page-317

To be honest I don’t actually read much of all the Tims and James (or variations of) on here anymore. It’s funny the number of similar names all posting with the same style on here now, just seems rather odd to me.

Anyways pre tax vs post tax we would have an IRR of approx 15% from what I calculate (tax rate in Canada is 26.5%) bearing in mind Nova has $70m of tax losses carried forward, and have spent enough to get dispensation on royalties.

For me personally I don’t think the project is dead in the water. A payback period of 2-3 years always meant an IRR of approx 20% (especially when the incentive options are 20% on PFS or DFS) so I don’t know what the market was expecting. I want to know why the capex has doubled, and what the reasoning was. Personally I think an explanation should’ve been provided to the market yesterday - ie anticipate the question. That was the first thing I noticed yesterday- I was not expecting a capex that high……

I do think there’s upside potential from here, it’s a baseline from what I’m seeing, snapshot in time. Vic gold ran AISC at $960 oz for Q3 2021 so for our grades I don’t see $1,120 sustaining as a disaster. Bearing in mind we prove up 15m ounces that’s a pretty lengthy LOM, and if RPM can bump the head grade up then who knows.

I think on the management comment they’ve made a few blues, that’s for sure. Hindsight can be a wonderful thing, but what I’m wanting to see is improvement. I do think they have got better with deadlines and managing expectations.

What will now be interesting is the Gold Mining Corp completing an IPO for the Whistler project. Will be interesting to see where the IPO lands for this project, and the value applied to it.