What is your exit plan?, page-25

Just be careful here and do your own research. 30 cents is easy to throw around as a number but you are talking about a $400mill Market Cap at 30 cents.

Taking DEG as the recent example and using a really crude tool of dividing the Market Cap by the recently published 9Moz resource in their MRE they are currently valued at (whopping) $180 per ounce of inferred/indicated resource. At the other end of the scale you have NVA who recently published an MRE update of 4.7 Moz (very low grade in remote part of Alaska with infrastructure challenges) and the same crude tool gives me $43/ounce.

Somewhere between those outliers you have a back of the envelope number to sanity test SP numbers that get flung around. Lets say its $100 just for arguments sake...a $400 mill market cap would require 4 Moz in the coming MRE. Even using DEG's $180/ounce which is patently ridiculous given the jurisdictional differential you would need 2.2Moz to justify a $400mill Market Cap. Sprott have forecast 1.4Moz (admittedly this is now dated given recent drill results).

As stated this is a (very) crude tool useable for nothing more than 2 minute sanity testing and $400 mill MC suggestions fcor PDI based on what we know today dont pass.