Kingsrose Mining Analysis: An Asymmetric Risk/Reward Situation, page-8

I also want to give an update on my analysis, I mistakenly added the in situ resource into my valuation instead of also factoring in the costs of getting the gold and silver out of the ground.

So in order to be conservative with my fair value estimate, I will bump my calculation down from 300 to 500 million to 150 to 300 million.

So if an Indonesian entity were to buy a 36% stake at fair market value, we would be able to receive around 50 to 100 million dollars. That is a good amount of cash to acquire great projects overseas, to keep aggressively exploring our land package, whilst also having some left over to protect the company.

The more we look into the Kingsrose cash story, the more we can derive that it should have a market capitalization of around 300 million - it did get there in the 2012 era. I see big players such as Adriatic Metals - who have a market cap of above 400 million and a cash position of around 10 million. Now obviously the market is pricing Kingsrose differently since the project pipeline isn't there the same way Adriatic has, however Kingsrose has all the necessary ingredients and catalysts to achieve that same potential. The whole land package has to be worth over 200 million, and that is a fantastic base to start off in terms of growth.

Keep up the fantastic discussion everyone.