Ann: Becoming a substantial holder, page-19

What MC would you assign to a stranded asset?

What MC would you assign to a stranded asset requiring $1BN of funding before it potentially becomes a viable proposition?

What MC would you assign to a company burning $3-5M per quarter, with only one quarter of funding in the bank?

What MC would you assign to a company that can no longer afford to pay their overpaid MD/BoD in cash?

What MC would you assign to a company that has a 12 month DFS process blow out by an additional 8 months (and counting), yet provides zero realistic explanation to SHs? Will the DFS be released prior to EOFY?

What MC would you assign to a wannabe producer, who has been reduced to the ranks of explorer in a down trending commodity?

What MC would you assign to a company in a massive SP downtrend leading into EOFY planning/selling?

How many "working capital" CRs are you prepared to sit through in the hope that the commodity cycle turns and how does it affect MC?

MC won't make you money, SP does. How does that MC translate to SP?

With all the above considered, I expect the MC to settle in the $10-20M range without release of the DFS and a partner backing it with funding to at least get through the rest of the year i.e. $15-20M. With regards to the SP, noting that another "working capital" CR will need to occur in the next quarter, and $10M in shares will need to be issued if BSX goes ahead with Wabowden (providing they can get a partner to pay the cash component of the deal), I'm expecting BSX to hit the 1BN SOI mark by EOFY. Again, how does that MC translate to SP?

An alternative to actively managing your investment is to put your shares in the bottom drawer, make zero $ on said investment, and hope that a) the company still exists in 3 yrs and b) the SP is above your buy in price.

"Insert Buffet quote here to make investors feel better"