Maiden MRE guesstimates, page-40

Regarding the performance options, every company is different, many issue these on a recurring basis annually with no real defined or prescribed benchmark to achieving these.

The options for the TSO director's in this instance and based solely on them being able to deliver what is described within by the timeline. They are one off and non-recurring.

With relations to your implied view that they are going to achieve all of them at the MRE stage, is highly unlikely. In the best case scenario they'll hit the Class B options.

I think it is fair if they are able to deliver to these targets. Remember and back to point 1 above. Many other companies issue performance shares on a recurring basis annually where as these are one off and non-recurring.

I don't think it is an accurate assessment to look at the fall in the other exploration companies over the last 4 months and compare it to TSO's high from it's peak. I've done a quick comparison table of a few select peers up as of Close Friday 18th June. Apart for DEG which is the beneficiary of liquidity from ETF's and funds a such as the GDXJ, GoEX & S&P/ASX 200 etc, all other explorers are between 50%-80% from their 52 week highs.



From an investment perspective, you just need to complete your own evaluation and also factor the SOI Fully diluted. Based on the current market & SP even assuming all performance options are achieved the Upside potential very strong based on the Scale of the prospect. DYOR and consider the reward/risk.