General discussion, page-5585

I did something similar but have valued LLL at around $1.00 to retain the current combined market value of the 2 entities today, with the close of FFX yesterday. This is making the assumption the market was properly valuing FFX yesterday and is doing the same today. Based upon this, the pre-demerger valuations were more like 80/20 (vs 65/35). Also, the lithium component in FFX (the LLL shares) will have a higher valuation then the gold assets in FFX. I am unsure how this will impact FFX's suitability for Gold Funds and Gold ETF's. Nothing can be done now to address this for next 2 years being that these shares are escrowed for this period.

FFX	0.3450	1,181,243,221	$407,528,911		100.00%
LLL	20%	@ $1.01		$201,168,209	49.36%
LLL debt		LLL owes FFX		$10,000,000	2.45%
FFX Cash	end of qtr	last qtr		$97,720,000	23.98%
LLL	shares	entitlement offer		-$20,000,000	-4.91%
cash	burn	current qtr		-$43,780,000	-10.74%
Balance	gold assets			$162,420,702	39.86%