$?Bill in a ? Life mine, page-27373

SolGold got their PFS out to the market only 4 months ago.

Osisko already has a NSR with us, same as SolGold prior to this current stream.

I believe it would be silly to think that we will not follow the same path. PFS in the next 4-5 months, closely followed by stream in early-mid 2025.

USD$90m silver stream and USD$200m gold streams have been banded around over the last year or so. That was at much lower assumed prices though, so could be substantially higher today. I would assume that a PFS would be mandatory (further de-risked) for these kind of deals to take place.

Interestingly, the SolGold PFS used a copper price of USD$3.85 and a gold price of USD$1750. Our PEA was at $3.30 copper price for instance.

The USD$750m stream is at a rate of about 20-25% of their NPV.....If we extrapolate that to our project as it currently stands our stream could be anywhere from USD$200m to USD$500m depending on what metal price assumptions are used.

The SolGold stream takes care of about 50% of their build costs and the total stream figure is multiples of their current market cap pre-stream.

This transaction demonstrates the massive inherent value in these style of projects like what we have here with HCH.