Ann: Mt Carbine Presentation, page-27

Guessing NPV on the 100% would be a nigh-impossible task. I'll leave that to management to slowly tease us as they unveil plans with the resource and how they'd go about extracting it. Too many factors to include such as cost if we go underground for some portions.

I would've hoped that we'd be sitting around a MC of $110M which would be circa 8c a share currently. Still risks to remove to get to the full NPV of the BFS but long term with the total resource perhaps somewhere between a MC of $500-800M if all goes well. Who knows what happens in 2 years time even. Assume they do expand the resource with open-pit and bring another 15-20% of the resource in, I'd hope that we'd be edging closer to $200M and probably be looking at some dividends being paid with production ramped up.

Honestly, I need to re-look at some numbers after the most recent announcements.