Substantial Overnight Increase in the Price of Gold., page-46

One big thing you have missed or perhaps ignored. The world geopolitical landscape. That is a huge factor on world stockmarkets. Keeping cash in reserve in my opinion is prudent - to take x64 to the completion of the decline irrespective of external forces. Which is our main focus.

You also need to capitalise all research and mine development. Those also become balance sheet items. All money invested in the Tigerway project and all other infrastructure, mines and research form part of the enterprise value.

X64s business is that of a gold explorer / developer of infrastructure / gold producer and last of all an investor of surplus sale funds. All of these components need to be taken into account. Read the x64 and old Medusa reports to gain an understanding of the potential of x64 in the Philippines. I am not aware of any other gold producer or other miner that has been developing decline technology specific to the Philippine environment. Perhaps an intangible asset / intellectual property - which may also put x64 in the box seat to mine the 41M odd ounces on Mindano. The relationship between Management / Board and the Philippine Govt.

You have disregarded the gold resources already identified and the gold resources yet to be identified on the companies already granted tenements - which I believe will be extensive - hence the decision to build the decline .Not forgetting the other expansive tenements that lay in waiting. DYOR