Ann: El Palmar significant gold-copper mineralisation at surface, page-15

CB - To be clear I am reflecting in my post that, whilst each of the three projects would individually justify the current market cap, the fact that there are three promising projects, this reduces the risk of having all your upside eggs in just one basket.

I am not trying to advocate that the current market cap should be $120m (I suspect a whole range of factors are holding it down - concerns re ongoing dilution, current lack of larger investor interest, fatigue from existing investors, Ecuador as a jurisdiction, etc). Rather, I am advocating that I like the risk / reward trade off in this instance. That they have 3 promising projects and an outcome on any of the three projects would present a very attractive upside from these levels is what I find attractive. Hence various options for management to create significant shareholder value from a $40m market cap starting point.