I have completed below a model that denotes what value Rhodium, Osmium, Iridium and Ruthenium add to each tonne of ore.

I am making the assumption as per Glorieux's conversation with Richard yesterday.

He talked quite a bit about the PGE info. He explained that the ratios of PGE Rhodium, osmium, iridium and one other I always forget should follow the concentration of Platinum and Palladium. So wherever you find Palladium and Platinum, you should find the other PGM in direct propertion to the assays of hole number 5. He stated that we had enough PGE's to generate a mine just for this.

So, with this in mind, here is what I have calculated to be the value of the "IUM's" to be:

It is important to recogonize that this section of hole 5 is not representative of the entire ore body. the following denotes what I beleive to be our average weighted metal content.

Of the total "IUM's" that were found in hole 5 (1.62 g/t) the following denotes what percentage each represents of the total and what is our expected "IUM" g/t on average.

So, with current metal prices (average between current bid & ask was used) our average "IUM" value per tonne is:

Quite frankly, I was hoping to determine that the "IUM's" would have added a more substantial valuation but I still wanted to share this info with the board.

Always open to comments,

Cheers,

Milsy1