IRIS General Discussion, page-271

Iam interested to hear any thoughts, good, bad or ugly in respect to IR1's assets / potential vs that of PAT who are due to list today?


High level:
- IR1 has a greater land holding in the South Dakota region & are more progressed with their tenement work than PAT to date with rigs heading to site vs mapping and field work to identify target sites for PAT.
PAT does however have other prospects beyond Dakota to advance and possibly add value as well.

- Both companies have highly credentialled Board / management teams with serious prior experience & results, which is no doubt a positive for both companies.

- Reading the last qtrly I note that IR1 has ~$1.5mil cash on hand as at end pf September vs PAT with $10mil off the back of the listing.

- IR1's undiluted market cap ~$110mil (with ~$1mil in cash) vs PAT having a market cap of $16.9mil at the listing price of $0.20 (with $10mil in cash = $6.9mil EV).

Any thoughts as to when / how IR1 are looking to source capital? Is a placement in the short term is the obvious consideration?

Anything else of interest that I am missing here?

Thanks in advance

Cheers