I had not responded because I had not seen anything to respond to as I don't come to this site much anymore. However, I did look and the spreadsheet I was using was designed by someone I respected and I did not update the variables with the PEA numbers. Those variables have now been updated and I will list them and post the changes so everyone can see this was not about maliciously influencing people as Hoov may want you to think.

Variable: Original #PEA CorrectionEffect

Average Grade 3.14%4.05% This actually increases NPV further

Cutoff Grade 0.60%0.90% This actually increases NPV further

Stripping ratio1.124.05 w/o overburden this decreases NPV

Ore Production rate: This was manipulated by me to yield 60k tons per year

Mill recovery 90%75% This decreases NPV

Operating days 355350 Slight decrease in NPV*

Mill Operating costs 1241 This decreases NPV

The operating days also saw production of 89 in year 2, 178 in year 3 and 266 in year 4 while RPA had full 350 days of operation in year 1 which helps increase the NPV.

Of note, ZEN will get $368M USD worth of tax credit in the first 3 years which is reflected in the PEA but not here. This would increase NPV even further. However, even without those tax credits factored in, with all these numbers updated, I still obtain an NPV of $3.8B USD and an IRR of 107%. In Canadian dollars, at 35% exchange, this still yields $5.1B or now $85 CAN per share.

I guess I have to say thank you Hoov for making me look at these numbers better.

As I like to say on SI...CHOO CHOO!!

Glorieux