Ann: IMARC Investor Presentation, page-2

They are on a long term path here which will eventually add to the market cap.

My reservations remain the strip ratio in the intrusion hosted material in Argentina. There's just so much waste between the surface and some of the higher grades. But, the high grade skarn is a no brainer. Very valuable but lower tonnage than initially promised. Hopefully that grown significantly.

Ecuador is still an unknown. Claiming that they have 'the other half of Cangrejos' is just a pure ramp at this stage. I think the initial MRE there might disappoint some holders who have done some of our own basic calcs on it. Much like Hualilan under delivered on the initial MRE. Plus, Lumina only has about a $120m MC with 100% of Cangrejos. Plus, Cangrejos has half the contained ounces they're claiming in this presentation, to be corrected. So, the best I think Ecuador can add to the valuation of CEL is about $100m max.

They need the initial MRE in Ecuador to surprise and possibly find another high grade manto in Argentina along strike to 'double and double again'. Or, POG takes off.