Ann: Latest Assays Further Expand Rip n Tear Prospect, page-9

Agree to disagree. I think at this stage of the lassonde curve it's a pretty high MC for what they have found. I think the royalty is the only reason to justify such a high MC.

Please don't misunderstand me and think I'm knocking the company, I am very optimistic about the ground we hold and think it's some of the most prospective in the country, but if this run continues I will be forced to reduce my position purely based on where it sits in the exploration curve. It should get a premium for the royalty, but it's starting to get too much.

Conversely, if this dipped too low it would be a screaming buy because of the royalty and prospective tenements combined. I'm trying to keep a balanced view here because I've been caught out before holding something in large profit and not reducing accordingly.

Appreciate different views and hope the drill bit turns up something really good soon to prove me wrong.