Ann: Further High Grade Results Support New Resource Modelling, page-28

Carnaby Resources just released an interim MRE with strikingly similar grades and tonnage to Eagle Mountain:

CNB:


EM2


EM2 has a measured category, has infrastructure in place in a mining friendly jurisdiction and a market at the bottom of the hill. The processing and mining is easier for the material, but yet CNB has a valuation of $120M vs EM2 at $22M.

EM2 is very undervalued. Sure, CNB has $26M in cash and EM2 has been breaking open the kids piggy banks and looking behind the couch cushions for coins, but it still doesn't reconcile with the huge disparity in market capital. Or maybe it does. Asset rich and cash poor is the curse of any exploration outfit.