This pertains to the go it alone scenario only (one billion shares combined with a yet to be determined debt portion). No war disruptions either. All other possibilities have too many moving parts to even speculate.

The vultures are here! For some this is truly a once in a lifetime opportunity if you have the capital to spare. Capital has not been freed up by the traditional lending sources. Capital ratios, risk management, uncertainty, etc. This is where the vultures excel.

Path to development

Perception: Copious assertive statements made w/o empirical evidence, confident that all is well

Reality: Every mine is a different hole in the ground and comparisons are difficult at best

Value

Perception: The mkt places a mkt cap of $18 million on Tyhee

Reality: Only time, successful development and eventual profits will tell

Financing

Perception: A BFS will lead to favourable financing to the benefit of all

Reality: With a mkt cap of $18 million and a share price under 8 cents, financing will cause some grief for long-term shareholders with a higher ACB. The extent is known by none.

Positives

Going forward, gold should rise faster than the expenses. Oil will encounter demand destruction while gold is based upon the monetary debasement.

More gold projects could be shelved due to local confiscation and restrictions. Canada is still considered favourable.

Based upon the known geology, there may be more reserves.

Negatives

Time and money! Once again: Time is finite, money is infinite.

Cheers,

"First Pour" Woody

PS: Good news! We have been told that the SP "will" be much higher by year end and that the "favourable" financing is at hand. We will all be made whole. Happy days once again!