Ann: June 2023 Quarterly Activities and Cash Flow Report, page-48

Good pick up Naydoe. Let’s just say Aubin is right, we will reduce Wurlitch’s share price by about 50% for now. $29 less 50% gives us a share price of $14.5. If conservatively we assume those little squares would double from further drilling, we go back to $29. This is not even taking into account what we might get from P2, that is just starting.

And here’s another important point to remember. DEG has more than 1B SOI by the time of the discovery. I don’t know the exact numbers so don’t hold it on me, but each time they raised more than $100m cash, they had to issue more than 100m of shares. We are currently at just 60m shares, assuming future dilutions, we will probably get to somewhere close to just 80-90m SOI.

DEG had to raise a lot more money to define the 11m ounces resource as they have a much larger area to drill, more drill holes means more spending, means bigger CR and more dilution. Our area is confined to very high grade area within a much smaller area. So less drilling required to define potentially a similar resource = less spending = less amount of CR needed = less dilution = higher valuation than DEG.



Therefore I could see from a value/resource ounce point of view, we should be better than DEG in the long term. Just from an optimistic shareholder’s point of view.