Monument, in determining an intrinsic value, we are choosing a Property Ratio of 2.00x. This translates into a value objective of $1.02 per share.

Longer term, provided the Company is successful in its endeavours, as postulated in this report, we see its Property Ratio rising towards its peers’ average of around 7.00x three years out. This translates into a price objective of $4.30 per share.

As the Company nears the start-up of production, we believe there will be increasing investor interest in the shares. We are setting a this year price target of $1.00.

Our three-year price objective is $4.30