RFR- General Discussion, page-2

Original PFS for Santa Comba showed an NPV of $45million with a 5year mine life (6month payback) solely for the open pit operation. Open Pit PFS originally used $240/t mtu. Now $350/t+ Resource went from 6MT>10mT with a Open Pit Target of 40MT (not including underground). LOM would of Extended to 9Years with around about the same payback period.. New NPV would be around $75-90million based on these figures I would say… So IMO we are trading at around 1/8th of Santa Combas NPV and this doesnt take into consideration the Canadian Nickel/Copper/PGE deposit or San Finx.. grossly undervalued here IMO.