Inferred profit from RM Manganese

869,000

tonnes inferred

200

$ per tonne profit

173,800,000

inferred profit

50%

% ownership to Cancana

86,900,000

inferred profit to Cancana

Assuming Technoweldco is similar to RM…what is inferred profit there?

869,000

RM inferred tonnage

36,111

RM hectares

24

inferred tonnage per hectare

11,541

Technoweldco hectares

277,731

inferred tonnage Mn at Technoweldco claims

200

$ per tonne profit

55,546,116

inferred profit

75%

% ownership to Cancana

41,659,587

inferred profit to Cancana

128,559,587

inferred profit from Technoweldco + RM

How many years production

10,000

tonnes / month production rate

120000

tonnes / yr production rate

1,146,731

inferred tonnage total

9.56

years of production

What is discounted value of future earnings and price per share target

10

discount periods

10%

discount rate

-$49,565,286.10

present value of inferred profit from Technoweldco and RM

32,000,000

number of shares

$1.55

present value of future earnings per share

50%

discount further percentage to account for operational risk

$ 0.77

present value of future earnings after discounting operational risk

5

assumed P/E

$ 3.87

price per share

Consider…

step out exploration may multiply tonnage 2+ times

price does not consider Jaburi

price does not consider diamonds