Relative valuations, page-7

To assist in funding LPD toward P1, I sense a capital restructure will occur prior in order to tighten the register and SOI. I would assume in the vicinity of at least an 8 or 10 to 1 ratio considering the SOI at present.

I feel this is a must and is something I discussed some time ago with JW who did believe that into the future, the company would need to strongly consider effecting. In this instance - the dirty word “consolidation” should NOT be considered all that dirty. Personally, I would encourage a minimum 10-1 restructure, this will reduce the SOI to 300m or so. We can then place 100-200m securities (at current levels this represents $40m to $80m approx) into strong financial backers successfully funding the company toward P1 and P2 in addition to the off take agreements.

Just my thoughts and I am confident we will see a minimum $1B MC by end 2020.