Options, page-9

24c head with an 11c lag = 13c option

Friday close was 10.5 options - undervalued IMO and that is some ones good fortune especially with the very limited options available.

Black Scholes Method is CON at this point in time, when we have now 3 BOAs and virtually everything CHECKED OFF and starring down the barrel of being fully funded before the end of the year.

The real question is what you expect the SP to be when Funding is announced and what the SP will be worth at the end of the year. Depends on the funding announcement timeliness as that triggers the plant build. May be completed by the end of the year or close to being completed.

If we are at 65c heads the options will be 50c

If we are at 80c heads, the options will be 65c

If we are at $1.00 heads, the options will be 85c