Ann: Tisova Co Au Cu Project Update - Czech Republic, page-64

Pretty damn disappointing results, I was on a plane when they came through yesterday so was not fun to land and see such a brutal drop but that is the nature of gambling on drill results. If they'd hit economic grades, it would have been a multibagger but they didn't, so reverse bagger it is. Normally I'd just sell but we're at shell value now, so undoubtedly oversold considering this isn't their only project. $6.9m in cash and receivables gives us a $2.8m EV at 0.11. The fully diluted EV is only $740k. Not much downside left so probably just a lot of sideways until newsflow from other projects.