We now have a clearer accounting of our hard financial assets, differentiated, on one hand,
from our royalties and, on the other, from the mineral assets of our directly owned properties.

This is the rough outline, right now, of our Cash and Marketable Common Stock:

$43,262 = Marketable Minor Stock (RT Minerals, Iconic Minerals, Diadem Exploration)
$6,390,000 = Argex
$1,322,250 = Champion – our position on 1/31/2012 carried forward
$18,060,000 = Champion – added to our 1/31/2012 position (14,000,000 X 1.29)

$8,157,535 = Cash on 1/31/2012
$3,000,000 = New Cash (from the Champion transaction)

$35,973,047 = Cash and Marketable Common Stock (some of which has a time holding provision). Deduct a million or so dollars to account for the Cash Burn since 1/31/2012.

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According to the Audited Financial Statements of 4/30/2011 (submitted to SEDAR 8/30/2011) and
confirmed as unchanged by the Interim Financial Statements of 1/31/2012 (submitted 3/30/2012),
FNC owned (besides other valuable things, such as NSRs) the following Common Shares of Stock (with the current up-to-the-minute value appended):

9,000,000 shares of Argex Silver Capital (symbol RGX) = 0.71 share (down 0.06) = $6,390,000
1,025,000 shares of Champion Minerals (symbol CHM) = 1.29 share (down 0.02) = $1,322,250
1,387,092.5 shares of minor interests (as follows) = $42,500 + $550 + $212 = $43,262

250,000 shares of RT Minerals (symbol RTM) = 0.17 share (unchanged) = $42,500
5,000 shares of Iconic Minerals (symbol ICM) = 0.11 share (unchanged) = $550
7,092.5 shares of Diadem Exploration (symbol DRL) = 0.03 share (unchanged) = $212

Besides Argex and Champion royalties, not included in the totals are:

1,125,000 shares St. George Platinum and Base Metals (private) = 0.045 share = $50,625
(Being the stock doesn’t trade, the 0.045 share price is “fair value,” according to the 1/31/2012
financial statements.)

So the present market price (without St. George) of our 1/31/2012 stock holdings = $7,755,512
Only counting Argex and Champion it is = $7,712,250
Cash on 1/31/2012 was = $8,157,535