We believe Metanor has the potential to generate approximately $2.7 million in cash flow in 2010, growing to approximately $45.1 million by 2011Lake mill is capable of producing ~33,000 ounces of gold in 2010 (annualized), increasing to66,000 ounces with a cash cost of US$512/oz in 2011 (annualized). We assume additional capitalexpenditure of ~$10 million required to develop/expand the Bachelor Lake Project (mine and mill).The bulk of our valuation for Metanor is represented by Bachelor Lake and as such, the company’sshares should be intimately linked to performance at that operation, with the most significant neartermpotential catalyst being the ramp up and stabilization of production at the planned rate of 1,200t/d by mid-2010. We expect average grades to improve as higher-grade material from the BachelorLake (~700 t/d) is blended with the ore from Barry open pit (~500 t/d) during Q1-2011. Exhibit 13 depicts our estimates in conjunction with Metanor’s year-end numbers..