Hi Dave,

How are you?

Could you please list the many possible reasons why Tyhee has been for so long, and is now undervalued with respect to the number of dollars per ounce of gold in the ground (now about $20/oz) relative to the average of its peer's ~$80/oz?

My best,
B.

Dave's answer [paraphrased],

There could be a lot of reasons why.

(But he pointed to the explorers/developers with similarly low valuations.)

He said that among its peers, Tyhee's valuation is similar to those companies located in risky jurisdictions, with real or perceived recovery problems, i.e., mining or metallurgical. Also in this group are those companies with environmental problems or limited resources.

Tyhee's Preliminary Feasibility Study should, to varying degrees, address these issues as its economics are made more clear.

Dave.

Thanks Dave.