Ann: EXPLORATION UPDATE, FRASER RANGE, page-15

Hey @BabyJack

I've been in BOA since the 2nd half of 2020. A bit early tbh but came in for very similar reasons to those since articulated clearly by sf2th on entering.

You're primarily interesting in sf2th's view but my opinion, as one of the 'others', is that IGO is highly motivated for success on our tenements. The end of Nova-Bollinger is in sight and they would dearly love to keep that plant operating for it's full natural life. It's my expectation that they will move quickly to expedite any commercial discovery because of that - there is no gain and potentially cost for them in drawing things out.

In any case my belief is a discovery will be driven hard and they would also be prudent to consider taking BOA over for the reasons you have put forward. But this is just my version of gaming it out, perhaps they think differently even though it all makes sense. They don't really need to take us out as they will have full control and the royalty on any commercial operation won't be much of a burden. Also I think the royalty would be deductible.

If IGO were to take us out, management have previously estimated the royalty could be worth as much as the $50 million payment. That's for one significant discovery, there could be others on our land too.