Hello Luker.

Again, I welcome and appreciate the information you’ve been posting about the recent insider trading of Lamêlée. As part of that, you’ve reminded us that the insiders are presently buying on the open market at not less than ten cents a share.

That gives us strange market valuations of Fancamp (with and without Lamêlée).
Our Shares of Lamêlée = 43,000,000 x 10 cents = $4,300,000.
That’s not including our 1.5% overall NSR (which can be bought down to 1.0%).

Compare that to the present market valuation of Fancamp.
Presently issued Fancamp Shares = 140,704,236 x 6 cents = $8,442,254.

$4,300,000 = Lamêlée Shares (minus our Lamêlée NSR + other Lamêlée assets).
$4,142,254 = Fancamp without the Lamêlée Shares (but including Lamêlée NSR).

Not to put too fine a point on it, very modestly, it can be argued:
Our interests—individually—in Champion and Argex are more valuable (by a very wide margin) than our Shares of Lamêlée (which don’t even include the Lamêlée NSR and other Lamêlée assets).

Again, not to put too fine a point on it, very modestly, it can be argued:
Our interest in Magpie is more valuable (multiple times over) than our Shares of Lamêlée (which don’t even include the Lamêlée NSR and other Lamêlée assets).

Of course, there are also a number of other (arguably important) things. But, for now (and for the sake of brevity), consider only the payment part of our deal with Bold in regards to the Koper Lake Project, which we optioned to them. To earn 50% of the Project, during the course of the three years following the signing of our agreement (7 May 2012), Bold is required to pay Fancamp $1,500,000 in “option payments” and must spend $8,000,000 “on exploration.” As of April 2014, Bold (together with its partner, KWG) has already spent $3,185,000 “on exploration” and has already “made a NI 43-101 compliant grade and tonnage estimate.”

Another $700,000 “option payment” together with a positive “Feasibility Study” will bring Bold’s share of the Project up to 60%. “Paying Fancamp” yet another $15,000,000 “in equal installments” over three years will further increase Bold’s ownership to 80%. To get to 100%, Bold is required to give Fancamp a 2% NSR (which will increase to 4% after the capital costs are recovered).

My point is the Koper Lake Project all by itself, arguably, is more valuable than the present $4,142,254 valuation being given to Fancamp as a whole (without our $4,300,000 Lamêlée Shares). Even the $3,185,000 spent by Bold so far on exploration (on the road to spending $9,500,000 to get 50% without important rights) will soon pass our $4,142,254 valuation (without the Lamêlée Shares).