If you stay with my $55 figure that 10% would yield $5.50 and 25% would yield $13.75. Now, we already know that this product is very profitable on a per ton basis. What we do not know is if we have enough tonnage to justify the mining infrastructure. To that effect, the next drilling program should have a huge impact on our value probably more than the actual PEA as the mining process here seems fairly straight forward and the start up costs are so low at about $100M.

The other advantage we have is that the process to finishing drilling, resource estimate, PEA looks like it could be very fast, some saying we could be done by the end of this year. So our share price could move up fairly fast throughout the year.

Glorieux