Borden Lake only

A FUZZY MATH APPROACH: (ROUNDING)

Current indicated 5 MM oz Au (ignore inferred)

Avg Au per hole 31.446 K (159 holes to 2/12)

Value at $1,650 POG $9.9 B (100%)

95% Discounted $495 MM

Total shares diluted 90 MM

NAV per share $5.50

BO at 20% prem $6.60

Projected indicated 6.89 MM oz Au (ignore inferred)

Avg Au per hole 31.446 K (219 holes to 5/12)

Value at $1,650 POG $11.4 B (100%)

95% Discounted $570 MM

Total shares diluted 90 MM

NAV per share $6.33

BO at 20% prem $7.60

IMHO, the above BO prices are conservative given that the Nose Fold assays come in with 1.5 avg g/t with zone of 2x over first 159 holes.

Perhaps we are vulnerable to hostile Take Out, but why hasn't there already been any action by a Buyer?

I have been buying all the way from $0.34 but what a once in a life time opportunity to see a junior grow into a full producing gold machine.