valuation, page-3

Segura,

Understand your comment about the cash surplus, however we've seen before it can be lumpy, with timing issues on both receipts and expenses.

In this case we know 16,005 t Cu produced, but only 13,919 t sold. That's about USD15mm to start with. Then add some gold in the same concentrate.

Also note the E&D, much of it I assume to growth rather than just to Phu Kham.

As for the remuneration, imo you have a valid gripe. Looks a bit excessive to me also. Plus I don't like the shares via loan business, certain not that quantum.

EL