This is interesting, from Jennings.

GOLDEX ROYALTY

We have excluded the Goldex Royalty from our valuation because Agnico Eagle has not

released enough information to property value it. Probe is currently conducting an

independent valuation of the royalty and Agnico Eagle has expressed interest in

purchasing it. Probe could also potentially sell this royalty to a royalty company, but

Agnico Eagle has a right-of-first-refusal on any such sale. In any case, Probe is

evaluating which option maximizes the value to the Company. We believe a sale

could raise $10 to $20 million, or $0.14 to $0.27 per fully diluted share.

So that $4.75 target is not including the Goldex NSR.