Here is what I would do if I were running the company. But first I have to say that AE and team are doing a wonderful job and this is in no way critical of what they have done or are doing.

I think the science is fantastic, and the opportunity is great for Zenyatta. For my money the only thing that will get us closer to a buyout which approaches the true value of this find is an offtake agreement or even two. I would target a small 5-10kton offtake with a serious player like Conaco Philips, but many other companies might fit the bill. I would offer them a smallish offtake at a very attractive price, app $5000/ton and be able to make it public. In return I would require them to make an investment of at least 5% in a private placement.

Then I would argue that thier offtake sets a floor value for the company of say 10% of the deposit value based on the offtake price.

Therefore 1.418 million tons x $5000 per ton = $7 billion value and 10% = $700 million. Therefore the price of 5% of the company = $35 million. This would then set a share price of $11. Now this just resets the current share pricing, and puts $35 million into the treasury.

At this point I would proceed on a multi-pronged approach.

1) Start planning for a mine and get approvals and hire personnel but have this as a backup plan to show we are serious only.

2) Look for a second offtake priced much higher, closer to the true value of the deposit and consider a second pp to somewhat mitigate the price. Use this as a teaser only to get more companies interested.

3) Focus the PEA on the deposit size and the ease of purification, because a bigger deposit will reset the price upward again based on the last sale. Also easy to produce cheaply will continue to define this as a very special find. Don't worry too much about market studies on pricing, use real data.

4) Target a buyer through public presentations and offtake discussions, they will come to us.

Results

Rapidly increase share price

Gain traction toward ultimate value

Secure the operations with infusion of cash at attractive pricing

JMHO