Silver Falcon Mining Road Show and Broker Meetings

3/26/2012 – 3/37/2012

DISCLAIMER: I was unable to record or take notes for the multitude of conversations we had during our two meetings. There were many discussions on a broad range of topics concerning our investment in Silver Falcon, but unfortunately I do not have a steel-trap memory. Even though I was armed with a ton of questions that I had intended on asking, I was not able to get to or remember them all. For this I apologize for any missed opportunities to get clarification. In addition, because I wasn’t always able to recall completely all of the answers and conversations, some descriptions below may be incomplete. Believe me - the information was quite immersive and overwhelming at times. So I’ve tried to capture and present to the best of my recall what went on and what was discussed and answered. If I have stated something that appears to be incorrect based on your factual knowledge of the situation (as opposed to just an opinion), then please feel free to correct me or ask me to clarify. In some cases I am sure of what I heard and recalled and in other cases I may only be partially certain of what I heard – again, the disadvantage of not being able to record or take notes. Finally, do not buy or sell your stock based on anything you read below. I can’t be held liable for anything that is unintentionally incorrect below. I’ve merely tried to recapture the subject matter that was discussed to the best of my ability.

1. Logistics

Carmine was able to set up an informal breakfast Monday morning at his restaurant with Pierre Quilliam and 2 other shareholders who were accompanying PQ on subsequent broker visits. I won’t mention names in case they wish to remain anonymous. One of the shareholders is one of the largest SFMI shareholders. This meeting was very informal and we were able to discuss Silver Falcon and pepper PQ with questions to the extent he was able to clarify our questions and comment on information available in the public domain. In some cases where we asked questions that he perhaps was unable to answer, he told us that we’d have to look for the 10K to have our questions answered.

The Broker Meeting was a more formal event that took place at Ruth’s Cris’ steakhouse in Garden City, LI on Tuesday evening with the primary purpose of gaining exposure for Silver Falcon to the larger investment community as well as pitching the company to private/institutional investors in the hopes of raising funds so the company can proceed with its corporate objectives. There were over 60 attendees consisting of brokers and high wealth investors in attendance and the turnout was really quite impressive. They had to open up an additional room to handle the overflow. Carmine’s NY crew was well represented there as he introduced me to about 8-10 different guys.

These meetings were all executed on the “up and up”, so if anyone is of the misguided notion that this was some kind of “secret handshake society” where only the privileged invitees were exposed to privileged information, I’m sorry to disappoint you, but it wasn’t. Obviously they invited people who could help the company get more market exposure and who could ultimately help the company financially.

2. Tuesday Evening Broker Presentation

There was a preliminary meet-and-greet opportunity at 5:30 pm at the restaurant. When everyone was settled in their seats, Ken Evseroff, host of the “New To The Street” program, addressed the crowd and played the 5-minute segment on Silver Falcon which you should all be familiar with by now. It provided a good opening background for the attendees. He then introduced Richard Kaiser who also greeted the crowd and read the standard SEC “forward looking statements” disclaimer. RK then introduced Pierre to the room.

Pierre gave a comprehensive half-hour PowerPoint presentation on Silver Falcon – its history, its potential, its business plan and ultimately its financial needs. He went into great detail discussing the mining history of the property and how Silver Falcon landed the opportunity on WEM. He discussed the main ore veins and the development of the Sinker Tunnel and why the property essentially was abandoned. He discussed how the tailings piles came to be and how the rise in precious metals’ prices afforded Silver Falcon the opportunity to take advantage of the 500,000 tons of “waste ore” to generate revenue to defer the cost of operations. He described the build out of the mill, including the gravity circuit, flotation system, the mill site expansion, the transition to the cyanide leaching circuit and the vault, complete with pictures. When the presentation was over, the head of the Long Island Investment Group (or whatever they called themselves) thanked Pierre and then came out and essentially cut to the chase asking, “How much money do you need to get to where you need to go?” I don’t know if this was staged or if it was just an honest upfront question, but regardless it was a perfect lead in for PQ to discuss the company’s financial needs without coming across like he had his hat in his hand.

There was nothing disclosed that any ordinary shareholder who has performed their due diligence on Silver Falcon wouldn’t know already. There was no formal Q&A session which I was a little disappointed about. I imagine they wanted to avoid the possibility of getting asked tough questions that might put any potential investment dollars at risk – that’s my assumption, other’s might have a different take. Regardless, Pierre and RK welcomed and encouraged one-on-one questions and discussions after dinner so it wasn’t like they weren’t open to frank discussions. RK went table-to-table working the room most of the time while Pierre remained near his table and fielded questions as attendees came up to him. All attendees were provided with an SFMI information packet and a sample rock from the tailings pile. The meeting concluded around 9:00 pm EST.

3. Finances

It should be no secret to shareholders that finances are the company’s primary focus. PQ spoke candidly both publicly and privately about the company’s needs for financing to continue executing its business plan. He stated quite frankly that the company needs $3 million initially which, from various conversations and questions I had,would encompass primarily the completion and preparation of the Sinker Tunnel for drilling, the completion/continuation of the NI 43-101, the completion of the mill expansion and to begin drilling inside the mountain. While everything seems to be a priority, I believe the emphasis is really on starting the drilling program. He said $7.9 million should be enough to pay for everything (drilling, completion of the mill, NI-43-101, etc.), but that $10 million would give the company enough breathing room.

I don’t know what kind of financial arrangement they’re looking for, whether it be preferred shares, convertible debentures or another LOC, but whatever the case may be I think shareholders have to be aware of the potential future dilution that will continue to befall the company since SFMI is ultimately using outstanding shares as currency. It’s the unfortunate cost of doing business with a junior miner and the reality of the situation where we’re at. Unless the share price moves up higher and/or the mill starts pouring more dore at a higher recovery rate, in order to raise $10 million at current prices we’re probably looking at another 250 million or so outstanding shares that will eventually hit the market. Ideally the company would raise funds in stages and hopefully take advantage of higher share prices and more efficient tailings revenue to mitigate some of the dilutive effects on the share price when financing becomes necessary.

While we have the $7.2 million line of credit from Centurion, the company is reluctant to draw from that because the share price at these suppressed levels would be far too toxic. As we all know, revenues from the sale of dore bars produced from the tailings has not progressed as fast or efficiently as shareholders would like given the low recovery rate. Given the suppressed share price, the lack of financing currently in place and the reluctance to draw from Centurion, the company is unfortunately forced to continue selling more shares to help pay expenses. I expect that we might see a fairly significant increase in the outstanding shares in the next few 10Ks and that might ding the share price unless and until other more positive news overtakes our financial bleeding.

All of that obvious negativity aside, Pierre seemed quite confident that the company will be getting the financing necessary to ramp up the initiatives to move ahead. It’s not an “if” it is a “when”. He appears as anxious as anyone else to start drilling and get the share price moving back in the right direction.

4. Sinker Tunnel Rehabilitation

When I asked PQ about the Sinker Tunnel progress, he said that most of the Sinker Tunnel Rehab has been completed; however, he also said that 1/3 of the tunnel is completely finished. While this appears to be a contradiction, I believe what he was expressing was that 1/3 of the tunnel is completely done and the 2/3 which remains to completely finish is not a significant effort. Specifically, he mentioned that they still have some fencing and bolting to put up and some other tasks he rattled off, but it gave me the impression that it wasn’t a big deal to complete. Then it would require approval from MSHA.

5. Sinker Tunnel Drilling

When I asked PQ what needs to be completed for drilling within the Sinker Tunnel, he stated they need to blast open the “drill room” to fit the drills because the 10’ x 10’ dimensions of the Sinker Tunnel is not large enough to fit the drills. The tunnel would need to be fitted with piping and air compression for the drilling and he mentioned some other tasks that would be involved in setting up for drilling. He anticipated that if we got financing within the next couple of weeks, then we could begin drilling the Sinker Tunnel in May and he fully anticipates that is when drilling will start. He expressed all of this in a very confident way that indicated that drilling in the Sinker Tunnel in his time frame would not be a problem. He also said permitting is not an issue at all either.

They have contracted a drilling outfit to perform the drilling, but he did not want to reveal the name or any specifics at this time, other than confirming that the drilling company will use its own equipment.

They will be utilizing 2 or maybe 3 drills within the tunnel depending upon space. When I asked how many meters they would be drilling, he said he didn’t know how much just yet and that’s where he went into great detail how they would go about punching in holes approximately 150’ – 200’ in length based on the drill plan that the geologist comes up with and where the vein leads to. The intent is to follow the Oro Fino vein to the point of where it intersects one of the other veins. He said the point at which two veins intersect is where the larger deposits of gold lie. He went into greater detail about the drill plan, but I couldn’t keep up and remember the specifics with how much detail he was getting into. I wish I could’ve recorded him at this part because clearly he knew precisely how they were going to go about attacking it and you could tell how anxious he is to get it started.

6. Safety Room

I asked PQ about the requirement for the safety room. He said it was indeed a requirement and they will build it when they need to. The safety room will cost approximately $65,000 and is essentially a small locker room which I estimate to be 6x6 give or take some square footage based on how PQ described it. The safety room must have water, electricity, telephone and air in case of any problem within the mine. However, he said a safety room is not required for working within the first 2,500 feet in the mountain. Once they start working past 2,500 feet, they will be required to install the safety room. He also confirmed that the safety room is not just required for mining, but also drilling. Previously I was incorrectly told elsewhere that the safety room only applied if they were mining. So the bottom line as I understand it is that building a safety room will not hold up drilling for the first 2,500 feet within the mountain. It did not appear from his description and explanation that the safety room would have any significant impact or delays on drilling.

7. MSHA

PQ had discussed the stringent nature of MSHA with regards to the entire operation. I asked him if he felt they were impeding progress on the Sinker Tunnel and he corrected me of that notion which I had originally gotten from him in previous conversations. MSHA is not involved with permitting; however, they do have to approve the Sinker Tunnel before Silver Falcon can begin any drilling and mining activity. And to that extent, MSHA has been a stickler. He said MSHA is a necessary part of mining, as is safety. Some of the things that the company has to comply with for MSHA are a nuisance (i.e. getting fined for not having a life buoy by the 3’ deep retention pond, and getting fined for not having a handicapped parking spot, and requiring a telephoned guard outside of the Sinker Tunnel when people enter the tunnel, etc.), but they are not a hindrance to completing the project.He did mention how MSHA wanted Silver Falcon to pay 65% of the salary for the MSHA employee responsible for Silver Falcon. He stated that as an example of how ridiculous some of the bureaucratic things get with MSHA, but what can the company possibly do about it? Another example he gave was just last Friday MSHA essentially shut down the facility in order to train all Silver Falcon employees to make sure they were all MSHA-certified. This was something Silver Falcon wanted to do on a staggered basis to minimize work disruption, but MSHA insisted they all do it at once. This obviously affects Silver Falcon’s business. So keep in mind when PQ says “nuisance” he doesn’t mean that in the context of being unnecessary, but it can interfere with the progress of day-to-day operations. He emphasized how important the safety of his employees is to him and MSHA is the governing body that ensures they are doing everything possible to maintain safety and reiterated that Silver Falcon does have a good relationship with MSHA.

8. Drilling on Top of the Mountain

Drilling on top of the mountain won’t begin until the snow pack melts sometime around July. PQ said we’d probably use 2 or 3 drill rigs, but that and the number of meters have yet to be determined. Obviously the targets are dependent upon the geologist’s plan. When I asked him about permitting to drill on top of the mountain he said that was no problem whatsoever. He also reiterated the great relationship between the town and Silver Falcon and that obtaining permits was not difficult at all.

9. Cyanide Leaching Circuit

First let me clear up some misconceptions about permitting with the cyanide leaching circuit. PQ stated that permitting is not an issue for cyanide leaching, although the permitting process is lengthy. As most know by now, it is a 6 month process which includes town meetings and so forth. He said that they have begun the permitting process which is officially described as “into permitting”. If you call the town or state or wherever, they will not have any record of Silver Falcon applying for a cyanide leaching permit. That does not mean they haven’t started the permitting process. At the end of the 6-month period, that is when they apply for the cyanide leaching permit which he estimated takes about a week to complete. He said that if someone called the town at that point, then it would be on record that Silver Falcon has applied for a cyanide leaching permit. Until then Silver Falcon is considered “into permitting” which is the official term for the stage they are currently in. When I asked whether he felt obtaining the final permit for the cyanide leaching circuit would be a problem he said “not at all” and added that obtaining the smelting permit was actually more problematic due to the emissions from the smelter. He confirmed we started the permitting process last month so he estimated that the cyanide leaching system should be fully permitted in September. Within the investor’s “packet” that was handed out prior to the meeting, there are nice flow charts of both the flotation and cyanide leaching system and their respective permitting status for each component. I don’t recall seeing it on the website anywhere and I hope they post and update it on the website as I think it is a pretty good reference document.

PQ stated at the Broker Meeting that the cyanide leaching circuit would take 18-24 months to complete. At first we thought that they wouldn’t begin building the cyanide leaching circuit until permitting was completed, but I was corrected by that notion by RK. He reiterated that permitting the cyanide leaching circuit would not be a problem and that they would begin building it before permitting was approved.

I had also asked PQ essentially why it took so long to discover the low recovery rate from the flotation system. He gave me a detailed explanation that eventually led to the conclusion that there was no way for them to discover this until recently. I must apologize for not getting the whole story here because I got distracted and couldn’t follow the answer. I remember thinking and telling Carmine that I was either being BSed which is why I didn’t follow it OR I simply didn’t understand the answer. This is the one significant outstanding issue that I’ve yet to understand or have yet to receive adequate explanation for. In the last SHM PQ states that they have an 86% recovery rate for gold and only a 35% recovery rate for silver and they intended on improving the silver sulfide recovery rate. But in the latest PR they state that “we recover approximately 15-25% of the available precious metals in our ore. Therefore there remains 75%-85% high grade ore within the 31,218 tons stockpiled.” I didn’t really pick up on this discrepancy until after the meetings when I was trying to figure it out for myself. I simply don’t get where you go from 86% recovery of gold to 15-25%. I also was under the impression that only silver sulfides go through the leaching process, not gold, but I’d have to defer to a geologist for an explanation of that. Perhaps someone else can explain what I’m missing here. I regret not getting this cleared up definitively during the meetings.

A couple of points PQ made quite clear is that installing the flotation system was not a waste of time or money which I know some have contended. The flotation system is a necessary component to the leaching circuit and would have to be built regardless if they decided to go with the leaching system from the get-go.

10. Smelting

There wasn’t a lot of discussion regarding smelting. However, as I mentioned previously, both PQ and RK stated that obtaining a smelting permit is more difficult than obtaining one for cyanide leaching due to the emissions given off by the smelter.

Both PQ and RK mentioned that once people in the area found out that Silver Falcon had smelting capacity on site, they received many inquiries about companies wanting to contract with them to perform smelting for them. As mentioned in their most recent PR, this is something they are considering although to me it sounded like their main focus was getting their own operation up and running efficiently first.

11. Claims

Silver Falcon has pretty much sewed up the majority of claims at the top of the mountain either by themselves or via their arrangement with Goldland. PQ essentially said “we control the top of the mountain.” They did let some claims go which the geologists indicated were not necessary as far as where the veins or drilling would occur. They gave me the impression that for the time being they weren’t looking to stake more claims, but obviously that could change. I believe the last PR stated they had approximately 2,000 acres of claims/mineral rights.

PQ did explain that when drilling in the Sinker Tunnel, they would be staking claims as they drill through the tunnel. They drill a hole and then stake a claim, drill another hole, stake another claim and so forth. He said this would be an on-going process. I was unaware that staking claims was necessary within the Sinker Tunnel.

12. NI 43-101

The initial or preliminary NI 43-101 continues to be worked on. As we all know, the NI 43-101 is a prerequisite for the company to be listed on the TSX which PQ stated as one of the company’s goals. The NI 43-101 will compile all the relevant historical data available to Silver Falcon regarding the geology and mining activities of War Eagle Mountain. There won’t be any current or reliable resource/reserve estimates in this initial release of the NI 43-101 since that requires drill results performed by a “Qualified Person” using industry-specific controls to ensure the accuracy of the coring, assaying and ultimately the resource and reserve estimates. In his presentation, PQ went into detail describing the process of going from drilling to reporting results in the NI 43-101.

There has been a lot of misinformation spewed on the message boards about the value or necessity of historical data in this preliminary incarnation of the NI 43-101. Anyone who makes this contention either has no idea what they are talking about or is completely lying. Historical data is very relevant and necessary to complete the initial NI 43-101. While the company cannot rely on the historical data for NI 43-101-compliant resource estimates, the reporting of historical data is a necessary component of the document even if Silver Falcon had NI 43-101-compliant drill results to report at this point. So anyone who argues that doing this preliminary NI 43-101 is a waste of time, resources and money is sadly misinformed. Simply put, it is being done because it has to.

For an idea on regarding how historical mineral resources may be reported in an NI 43-101, here is a good explanation (this was not provided or discussed by PQ, this is merely one of my points of reference):

“Reporting Historical Mineral Resources

If a company acquires a mineral project that contains a mineral resource that has been prepared before February 1, 2001, the company may disclose this historical estimate using the historical terminology if the disclosure also includes:

1. The source and date of the historical estimate;
2. Comments on the relevance and reliability of the historical estimate;
3. A statement as to whether the historical estimate uses categories other than those set out in NI 43-101 and, if so, includes an explanation of the differences; and
4. Any more recent estimates or data available to the company.

To assure that the company does not trigger a technical report by the release of the historical estimate in a news release, the company should also include the following statements in the news release:

1. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves;
2. The company is not treating the historical estimate as current mineral resources or mineral reserves as defined in NI 43-101;
3. The historical estimate should not be relied upon.”

http://www.wardrop.com/Wardrop/en/Newsletter-Articles/Working-with-National-Instrument-43-101-Vol.-2.html

Personally, I would anticipate similar disclaiming language in the NI 43-101 and/or any press release related to historical data.

Keep in mind that the NI 43-101 is “living document”. PQ described it as a history book about War Eagle Mountain that keeps getting added to as drill plans are determined, drilling occurs, cores captured, assays are analyzed and a mining plan developed. The geologist will report drill results to PQ as they become available and the company will release that information to shareholders immediately – good or bad – while waiting for the NI-43-101 to be updated. As PQ stated, the shareholders have a right to know this information as soon as it is made available. However, the corresponding NI 43-101 resource/reserve estimates will only be released when the NI 43-101 is properly updated by the “Qualified Person”. PQ described this process more as a progressively updating process and not one where we would be waiting for a new or updated NI 43-101 once all drilling is completed.

As I stated earlier, the NI 43-101 is a necessary step towards being listed on the TSX which is one of the company’s goals. However, the NI 43-101 also serves the purpose as an industry-accepted standard of disclosing the potential value of War Eagle Mountain to potential buyers. PQ had mentioned that once we have the NI 43-101 completed and updated with NI 43-101-compliant resource estimates based on the upcoming drill program, then he fully expects majors to show interest in WEM. Silver Falcon’s valuations will not be taken seriously without the NI 43-101.

All that aside, as far as expected time of completion, I think it might have been PQ who described the preliminary NI 43-101 as being in the “9th inning” as far as completion is concerned and should be ready in the next couple of weeks. I don’t want to attribute that quote directly to PQ because it may have been someone else I spoke with or some other conversation that I heard. I personally wouldn’t etch that expectation in stone as things always seem to take longer than we’d like, but at least it is an idea of where we stand with it’s approximate completion.

13. Board of Directors

PQ continues to review and interview potential candidates for two director’s positions, but he hasn’t found one that fits what he’s looking for yet. He wants one director with a finance background and the second director to have a geology/engineering background.

14. Roger Scammell

PQ mentioned that Roger Scammell continues to advise the company wherever possible. He explained at length the unfortunate circumstances that befell Roger and his wife. Because Roger’s job required him to be on site and away from his wife for certain lengths of time, there was no way Roger could continue serving effectively in the capacity he was. Out of respect for Roger’s family I won’t get into any further discussion about his wife’s condition.

PQ also noted that Roger has not sold a single share of SFMI.

15. My Impressions

These are my thoughts based on things I heard directly, overheard on the down-low or just picked up on based on my own intuition. Everyone has their own opinions and I have mine.

The Road Shows had a clear purpose in mind – the company needs financing to move ahead with its corporate objectives. Although I feel we are at or near the bottom, this company will not move out of the .04 range until it locks up financing to move ahead. Even then, we still must combat the dilutive effects of any financing. The company cannot continue to dilute the outstanding shares at the current rate and current price levels otherwise they’ll be selling off too much of the company. I’d prefer to see some kind of preferred convertible debenture over any kind of toxic financing, but I’m not the one doing the negotiating. PQ seemed very confident he will get the financing he needs in the near term, but then again, nothing is guaranteed in this kind of economy. When all is said and done, we’re probably looking at around 750 million outstanding shares when drilling will be completed, the NI 43-101 will calculate the resource reserves and the mill is producing dore more efficiently.

The effectiveness of the flotation system at the mill didn’t work out as originally planned, but they are correcting those issues. They are setting up the Sinker Tunnel for drilling, but first had to rehab it to get MSHA’s blessing. That is nearly complete. They are aiming to drill the Sinker Tunnel in May (less than 2 months away). They will be drilling the top of the mountain in July when the snow pack melts. They are building out the cyanide leaching system and we should hear more about that around September when the permitting process is completed. In the meantime they will continue to process the ore using the flotation system and will sell dore when enough is ready for shipment and until the cyanide leaching system is installed to recover a higher percentage of ore from the concentrate. But in spite of having revenues from tailings processing, the initiatives of the company will require financing if they want to scale up the operation now.

Plain and simple, PQ is setting up this company to be bought out at much higher levels and certainly no less than $2.50 per share IMO. With 750 million outstanding at that time, we’re looking at a market cap of almost $2 billion. Whether people think that is too cheap or too inflated is up to each individual investor. My thoughts are that I believe the property is potentially worth a lot more than that, but first they have to prove it up. There is nothing wrong with setting up the company to be sold - I’m sure all shareholders are for that if he gets a good price for it. Pierre is not getting any younger (Carmine even said that to his face…LOL) and I’m sure he wants to enjoy his retirement. And since he is getting paid in SFMI shares, his payday is tied to the success of the company. However, he is clearly driven towards making this monster of an opportunity work for himself and the SFMI shareholders. There is clearly a process in place to “flip” the mine and that is what they are working towards. He estimated it will be about 3 years to get to the point where they are mining the ore. He felt that even though they will continue to build out the infrastructure to the point of mining the ore, he doesn’t think we will mine one ounce of fresh ore before Silver Falcon gets bought out...obviously based on drill results. Then again, if he never gets his asking price, then the company proceeds with mining as planned.

As far as the short term share price is concerned, I don’t see us trading out of the current .038 - .042 range until we get a catalyst to move us higher. In the near term we have the following known items to look towards:

·10K Filing - The 10K should be out this week I believe. The key figures to look for will be the revenue from sales of dore bars for the last 3 months and the amount of outstanding shares that have increased. Given the tempered expectations regarding the recovery rates of the dore bars, I don’t expect tremendous revenues. Hopefully this is all priced into the deflated stock price, but we still might take a bit of a short-term hit on the 10K, but hope there will be news to offset this.

·NI 43-101 – We should have a nice spike when the NI 43-101 is released even though it won’t have 43-101-compliant resource estimates. The fact that the document is in process and will have a preliminary release should be worthy of some uptick in share price. It would be nice to see historical estimates though just for envisioning the potential value of the ore in WEM.

·Financing – This should be the first catalyst towards bumping the share price up as it represents the company moving on with their initiatives that are being weighed down by having a lack of funds. As long as the financing is not toxic, it should be well received given that it gets us to drilling which is the key catalyst for the share price.

·BOD – We need a Roger Scammell-type appointment to the BOD. This will regain credibility to our BOD which is currently too family-oriented and lacks the geological pedigree. Shareholders have been clamoring for less nepotism on the BOD which is also a requirement to be listed on TSX. It appears that a year from now our BOD might look much different than it does today and hopefully one that is more representative of a mining company that is serious about being profitable and getting listed on the TSX.

·Progress on the company initiatives – completion of the Sinker Tunnel rehab, progress on the mill site build-out and the commencement of drilling. We can’t really time when updates on these initiatives will occur, but I’m sure we will get periodic updates as milestones are achieved.

·Commencement of Drilling - As stated previously, drilling will be the single most effective catalyst towards moving the share price higher and at a level that can be sustained. By all counts this should occur in May which is a little over a month away. From that point on, SFMI is a totally different ball game as far as an investment and potential is concerned.

I think most people believe we have a winner here…as do I. Any missteps and growing pains have been priced into the stock. As we’ve based in the .035 - .042 range, we appear to be at a bottom where the downside risk is low, but there is a huge upside potential. I envision trading in the .04 - .06 range with spikes and dips in the share price for the upcoming weeks leading up to drilling.

Whereas I used to trade around a core position in SFMI, that has become increasingly more difficult and I haven’t even tried to do that in over 6 months or so. After the meetings this week and seeing what is going on with the company and how they are building out their operation, I am more apt to just buy shares at current bargain levels, sock the shares away and just wait for the drill results and the ultimate payday.

Special thanks to carmine_langone for setting up the breakfast meeting with PQ et al, and getting me invited to the Broker Meeting. It was definitely a valuable due diligence boost and will hopefully lead to the financing the company needs to move all shareholders in the right direction.