GOLD $2020, Silver $26.25 - Neuva Esperanza- Priceless, page-12

TA seems to be following underlying fundamentals or more specifically the underlying price of ag and au.

NE at current spot now likely to have a materially higher NPV than Chatree. At $50/oz Oldfolk expectations may in fact become a reality if we're still the owner of this asset.

As a reminder Chatree produced on average 125k oz of au and 1moz of ag for the 5 years prior to shutdown. These numbers would be much higher if the Thai Government simply hadn't obstructed the pit redesign and access to our adjoining lots for the past 10 years. Notably the increase in mine grade from 0.8g/t to 1.2g/t in the last 6 months prior to shutdown produced a FCF +$90M at underlying prices >50% below we have now.

This could easily become a billion dollar company if not for the Thai Governments incompetency, systematic corruption and self-interest envy. Someone in Thailand or equivalent must surely work out this upside!