Short Term Target: $200m Valuation, page-14

All, please see below for some more detailed modelling on a fully diluted basis: please do your own research and due diligence. Although all due care has been taken to build this model, I can't guarantee that it is perfectly accurate. I'd be very interested in any feedback such that we can collectively sharpen our knowledge of the SHP investment case. By all accounts, it looks like there is significant upside should SHP validate the resource as expected and continue to execute on the upcoming milestones. I also can't guarantee the accuracy of the Cenkos NPV calculations, although I have reason to suspect they (Cenkos) have done a very thorough job.