Charting, page-7

@tinhat To do a comparison on a sort of apples for apples basis we would need to look at ADT in Nov 2018. In Nov 2018 ADT's Vares Project had a market cap of $83.1M with only a 4.4MT JORC resource in a non-tier 1 jurisdiction. In July 2019 ADT upgraded the resource to 16MT.

In 2016 Red Metals (Maronan Project) reported a JORC resource of 41.8MT in a tier 1 jurisdiction. I have pasted copies of the ADT announcement from a 2018 capital raising presentation as well as the current resource for MMA. Today MMA have a market cap of $34M.

Both are underground resources but Vares by July 2019 with it's 17MT JORC Resource had grading 70% above Maronan but Maronan had more than 2.5 times the resource. Maronan's resource is a lot deeper than ADT's but current drilling in the SSZ may result in extending the resource closer to surface. At this stage, most of the drilling has concentrated at depth looking for the vent core. Crescat Capital chief geologist believes the vent core may be closer to surface in the SSZ area.

Both had/have cash on hand of $8M and similar share structure. ADT 130.8M shares and MMA 150M shares.

As for MMA's ability to raise cash, well there are the 30c and 60c unlisted options that can potentially raise $30M if exercised resulting in 75M shares being added to the $150M shares.. Personally, I think Maronan will look at doing a raising if/when the share price heads north of 40c, so they can up the drilling ante.

Let's not forget that commodities were low in 2018 (ag $14) at the end of 2018 rising to a 2019 high of $19. I expect silver to be closer to $30 by year end so MMA has the prospect of releasing good drill results in a silver bull market. Let's not forget that the visuals for the copper/gold target identified 231M strike and a similar hole drilled in 2016 in the same vicinity reported 115M @0.8% cu & 0.5g/t au. I expect at least similar grades, possibly higher as the latest hole drilled straight into the DHEM plate.



ADT