Ann: Trading Halt, page-24

My understanding (rightly or wrongly) was that the final US$60 million Sprott funding was dependent on the MIA, so if the MIA is signed now, and the funding triggered and released as per the Sprott agreement, then this should be going full steam ahead into 202o with production in the first year of 100,000 oz at an AISC of about US$730.

With a gold price between US$1,450 and $1,500 that's an IRR of over 70%, payback in about 15 months, tax concessions in the first 5 years, and other advantages as outlined in the DFS.

No wonder Sprott is investing big into this one.

It's taken time, but it could be extremely profitable, and an attractive entry into the nascent Cambodian gold industry.

Let's run some figures on other 100,000 oz producers.
These are very rough estimates and figures, and should not be relied on for investment purposes.

EMR's current market cap is - 115m.

RMS produced just on 100,000 oz, and has a market cap of - 680m.
RED produced just on 100,000 oz, and has a market cap of - 385m.

You can grab some others from the USA, Canada and Australia, and see the variance, depending on the project parameters and variables, and AISC.

Suffice to say, I'd expect the EMR market cap after one full year of successful production to be in the upper median range, if everything goes according to plan, and that means (on a conservative basis) somewhere around 450m (if the gold price holds up).

With the current shares outstanding, that might equate to something between 14 and 18 cents, so just for simplicity purposes, let's give it an average of about 16 cents then.

So if gold production commences June 2020, then I'd expect the stock to be 16 cents by June 2021, all other things being equal. That's a rise of around 300% in approximately 18 months - a good solid return if achieved.

Gw