Mkt Price to NTA, page-9

Yep. I agree with you. I have owned shares in Lion Selection Group in the earlier 2000's and was very pleased with the results. Since they re-listed I bought an original position in 2013 and have since been adding to it. Ryan, if you had told me back in 2013 that the Pani project status would be where it is today, I wouldn't have believed you!

Yes, I am a long term gold bull and as to your point, the longer the gold stays in the ground the better off we'll be (for now). But this gold bull market won't last forever.

Getting back to your other point about J Resources and their potential dissatisfaction with a 40% interest, you may well be right. Otherwise why the hold up as you say? When you look at that diagram of the two deposits which demonstrates where the mineralisation sits, it is pretty clear (at least in my mind) a lot more of the Pani mineralisation appears to outcrop than the J Resources deposit. I think the orientation of the Pani mineralisation is better. I do think it would ultimately be in J Resource best interests to do a JV and secure the future development prospects of their own project. Like you I am less than convinced they see it that way.