Ann: Term Sheet Signed to Progress Mt Carrington Gold & Silver, page-22

In all fairness I do really respect the board and they've obviously done their analysis.

IMO Mt Carrington, with the current oil reserves and any gold price increase to go straight to margin, I wouldn't be suprised at all if the asset would produce WRM's current MC annually. Thats why I think the 71% is excessive.

I have been thinking about this, and realised my fault in calculating WRMs remaining 29% portion of ownership in terms of proportion of free cashflow, rather than total revenue. Nevertheless, I still feel like their should be something else to it.