Ann: TVN Online Briefing & Presentation- Speewah Fluorite Project, page-84

Hi all,

Like most well invested SH's, I'm anxiously waiting for the PFS release late June/early July and wanted to ask the room if anyone has any thoughts on the below? Maybe they have been covered and I can't remember etc, and I know how much knowledge follows so hoping anyone can help my research:

1. Has any comment been made around how long it will take to go from PFS (obviosuly assuming the board endorses it) to DFS? I've seen the slide aiming for first shipments late 2016, but curious about the timing and transition between PFS in mid 2024 to first shipments late 2016?
2. Have the KRR Scoping Study findings been publicly released? I can't seem to find them and was just curious if there was a ballpark $ value that we could reference? Did Grant reference any $ value in his online preso (I watched and can't recall)?
3. Does anyone have any thoughts on valuation metrics as we move from positive PFS to hopefully upgraded PFS late 2024 into early 2025 to DFS and FID etc? For example, would you say the market could place a market cap value of say 20-30% of PFS, moving toward say 50-60% of DFS etc?

I'm well aware of the Lassonde curve, which is great graphically, but I'm trying to be more objective with specific reference to valuations metrics in $'s.

We all know the mess G inherited, and I fully understand why the SP and market cap is ranging like it is, but I'm really curious on people's thoughts as to upward movement in market cap from current range of $75-$90m as we move toward what will hopefully be a minimum $400m-500m PFS/DFS. I know it coud well be above, but would prefer to keep conversations conservative and enjoy the upsides as they arise.

Thanks in advance legends.