Hello From Sudbury.

Thanks for spotlighting the Magpie numbers for us. My take is somewhat different than yours. In my mind, the Market Prices—both earlier and now—were not (and are not) connected to the underlying very real and confirmed tonnages. Even from a psychological or speculative point-of-view, the people who subscribed at an average price of 68 cents did so with every good expectation of making a hefty profit.

Again, my point-of-view is to look at the actual underlying physical realities, which completely negate share prices below double digits (dollars not cents). You either believe the facts confirming what’s physically in the ground or you don’t believe them. Yes, it’s fair to discount, heavily, future money compared to money in the bank today. Yes, the capex is not exactly on the horizon. But that’s not the same as being on the dark side of the moon.

The plain reality is, our resources (especially our share of the close to one billion tonnes at Magpie)—even at only 2 percent of their in-situ market values—are worth in excess of ten billion dollars (even as pure speculative value alone). Also, keep in mind, the original offering predated the NI 43-101, which besides the huge absolute tonnages, gave us very uniform and desirable purities.

On top of that, after the offering at 68 cents, Fancamp developed—in conjunction with Pangang Group and CORUM and world-renowned (!) SGS—very thorough and comprehensive proprietary metallurgical technologies, which were confirmed as increasingly successful over the course of the last two years, during three different arduous testing regiments. By anybody’s unit of measure, the value of our propriety Titanium separation methodologies—strictly by themselves (even if there were zero Titanium resources to back them up)—is worth well above any and all the numbers (historical or otherwise) you and Tony have been discussing. To me, this is a game-changer (even if you don’t accept that, within Fancamp, there are several other game-changers).

In conclusion, the arithmetic you’ve given us serves us well. But, beyond that, the depressed state of the mineral resource markets hardly begins to explain where we are. My point is, there’s more to the story. The additional parts of the story are an even more compelling—by far—indictment of the present market discombobulation than 68 cents for Magpie compared to 4 cents for the whole Fancamp enchilada (containing 46.7 percent of Magpie).