Let's say for fun that the other 2 pipes are mineralized and similar to pipe #1 (they need to name this pipe soon) and we hit a little bit at depth and all of a sudden, our tonnage is looking more like 50M tonnes. Let's cut the % of graphite to 4% to be on the conservative side there and use $9000 per tonne of finished product as the average is 8-10k and keep our costs at $1000 even though some say we will be closer to $600. If I use those numbers, I get:

50,000,000*0.04*$8000=$16B in revenue. (if I had used 5%, we would be at $20B)

Let's bump up the cap ex to $250M to have a mine that can produce 150k tonnes per year.

150,000 tonnes per year at $8000 profit per tonne is $1.2B per year assuming 3 years to be in production and 8% discount rate, our NPV would be:

8.1B dollars

Take that over the same 100M shares (which we probably will not need to dilute this much if we hit on one of the other pipes or at depth) and you get:

$81 per share.

So like I said, the one big X factor we do not have is tonnage and as you can see, it will have a big influence on our value per share.

At this point, we do not even know if we will have 10M tonnes so these numbers are strictly pie in the sky at this point. However, the next drill program could let us know what type of numbers we can seriously look at.

Sweet dreams.

G.