Which Junior Most Resembles Tyhee? A Simple Question With No Simple Answer.

Dr. Webb's been extremely busy and was not able to devote as much time to answering this question as he’d like. So, I am very grateful to him for pointing out where we might better be able to identify the most likely Tyhee look-a-like.

To underscore the dificulty of the task ahead, he scanned the published reports by Dundee, Canaccord, and National Bank and noted that National tends to focus on larger companies and producers. Whereas, Dundee and Canaccord present their data differently, so they are not directly comparable. Companies with a PA are considered separately from those with PF of F studies. Those without an economic evaluation are not considered equivalent as this is a giant step and is a good indicator that things will move forward.

Here for example, Dundeee shows 14 companies with gold resources between 1.5 and 3.0 million ounces.

Dr. Webb pointed to their enterprise values per ounce which range from a low of 1.29 to a high of 36.85. He also said that Romarco jumps out as being analogous to Tyhee. And others, like Atlanta Gold appear similar in ounces but have a very low market price. He said that this could be related to the fact that their operations in Idaho are on a property package that is a US Environmental Services Superfund Site. Essentially it is a previous environmental catastrophe. Webb said their job is to convince investors that (A) they are not liable for it and (B) they can operate cleanly. Perhaps all very doable, but investors are skittish at the best of times. Next they have to get past their grade/recovery issues and deal with the fact that their principal metallurgical engineer died last year.

So, we can see that the task of identifying which company most resembles Tyhee is not a simple one.

But I think we now have a better idea of which ones are the more likely suspects.

B.