Ann: Quarterly Activities Report, page-37

$200mil market cap with $73mil in cash

the $50mil+ raised recently now represents over 1/4 of the market value, so an equivalent pre-raise price would be ~26c right now (75% of 0.36c share price), and likely a few more cents today. They still have an additiona $30mil in cash and generating net mine cashflow, yes they are using it all for exploration and growth but that’s fine at this stage.

So we are trading at an enterprise value of when the price when copper prices was in the $3.50s, even thought it’s still $4.20+. Inventories are high so it may drop a bit further but I’m happy to hold this because the long term outlook for copper is the same, and we are now cashed up for expansion.