Let’s apply a little logic to the numbers. Bold Ventures (Nemis and Harvey)
has decided paying $9.5 million in order to get 50% of McFaulds Lake is
well worth it. From what Stock Greed has just said, those guys are no dummies.
Also,they are not spending that kind of money to break even. They plan on
making a mean profit.

Now, think about it. I don’t think anyone would argue with the obvious
implications of the fact that if (arguably) the most knowledgable prospectors
in the area are willing to pay $9.5 million (including exploration expenses) to
obtain 50%; they, without doubt, would find the value of obtaining the
remaining 50% to be even greater (because the holder of the remainder gets
all benefit of the exploration work and exploration expense for free).

So, according to the logic of the deal they made, Nemis and Harvey start their
valuation of Mcfaulds Lake with $9.5 million + $9.5 million = $19 million.
Beyond that, you would add to the $19 million, the fact the second 50% interest
is really worth more than $9.5 million (because the other 50% owner has the
expense of the exploration). You would also add to the $19 million because of
the anticipation the property will make you a very sizable profit (otherwise, it
wouldn’t have made sense to go to all the trouble).

For the sake of absolute clarity, let’s not add one cent to the $19 million, which
is the absolute lowest logical inference we can make. Compare that lowball $19
million for McFaulds Lake (only) to Fancamp’s total market capitalization at the
close today = $23.22 million. I’ll leave it to deeper thinkers than myself to figure
out if the rest of Fancamp (the part that doesn’t contain McFaulds Lake) is worth
more than $4.22 million or is it worth less than $4.22 million?

I’ve made the initial calculation, $23.22 million - $19 million = $4.22 million.
Help me out. Is the $4.22 valuation for Fancamp (without McFaulds Lake) fair
and accurate? Just curious.