Ann: Change of Director's Interest Notice - Todd Williams, page-6

Hi all.
@TheSpekAge Good point.
I wanted a big hand full and it is hard to get here particularly at this low sp.
I am happy to hold with the possibility of what is to come from these funds raised.
Sprott took $8.5m at a sp of 17.5c

I make these assumptions.
mc = $41.32m
Cash = $8.72m
ev = $32.6m with a resource of 92m oz eq.
If we value that by the division we get 35c/res oz
If we could be valued at the trading average of $1.70 / res oz I calc a mc of $156.4m which is 3.8 times what we are now.




Well yes I know there are other factors like quality of resource so as you can see in the pic below, that quality is pretty good?



Yes I know that sovereign risk could be holding this back but no one told those that bought Andean when they paid well over the industry average for the gold resource which lies just a bit to the north of us.

How I see it is like this.
We get another acquisition and we conduct the next drill campaign all with the money we already have.
Considering the sp hit $1 upon that Mia vein intersection.
Just to remind folk about how that looked.



You can't always duplicate hits like that but this area is well endowed.

Now if we can suggest that we secure another 50m oz or more in the next acquisition, and do some drilling into the Conserrat targets with some success?
50m oz on top of what we have will give us an even better sp value.
Now you see why I grabbed what I could ( in both the raise and spp ) and why I will sit patiently.

I hope that sheds some light on the subject, but it is only aimho.

Kind regards, Wack.