Ann: Tim's Find Gold Project - Toll Treatment Mining Agreement, page-18

I don’t mind NXM. They’ve got a few mil in the bank and a MC of $6m so the EV is quite low. However, only 80k of resource which is next to nothing. The hits are good but they’ve got a long way to proving up a decent resource worth investing in. Nearology to SAR isn’t a good enough investment thesis IMO.

So it’s not really apples and apples and if you did apply the same measures (EV/Resource Ounces, Scoping Study, Infrastructure etc), I think you’ll find ARS are drastically more undervalued than NXM.

But thanks for the cross promotion anyway.