Ann: General Security Agreement, page-343

What is summarized in the latest investor presentation is pretty much all you need to know.

A few other things worth noting

• Very easy to value, you can run a rough and quick DC valuation. If you look back at the BCN PFS, it'd give you a indication on what MDI's Full Feasibility would look like. Note that BCN spent alot more capital on the relocation/refurbishment of their plant and note the lower POG in $aud when they did their feaso.

• The market cap of BCN & RVR would be my benchmark target at a minimum, however, i think MDI has more upside potential with access up to 1.8 Moz of nearby stranded deposits. They have already initiated discussions with the third parties to acquire or consolidate the nearby deposits.
• So, at a Minimum $130Mil MC. They'll get there easy, once they start generating revenue, they'll be valued based on their earnings and the market always corrects company valuations based on earnings. In few years time, they'll be sitting on free cash flow on inexcess of $100 Mil & assets worth over $60-80Mil + Whatever reserves yet to be mined.
• Note that BCN at the time of their first gold pour was valued over $135Mil MC in 2019.
• Recently acquired shares in AME to becomes substantial holders and hold a blocking stake on AME.
• Also another good T/O target if MDI & AME can be acquired as a package.
• They also have the option of Toll Milling which typically you would see a 50/50 split on the profits.
• IMO, this is one you would want to go really REALLY hard on.