Ann: Cleansing Notice - Placement, page-15

Spec end of town or big end of town it is always a risk vs reward play.

Metalbank is already at a mc of $16m. Take off a few million of cash for enterprise value if you want.

If drilling is outstanding and the sp gets over 3c that brings the options into play and there would be over a billion shares and a mc of $30m plus.

As with the sale of Norton mining lease for only half a million, it is a struggle to see how they can get twenty or fifty times that value out of the Triumph tenements without several successful drill programs and a year or two of feasibility studies and permitting.

So ultimately it is a poor risk versus reward play imo, hence my sentiment.