HRR - Updated NPV calculation, page-34

The market is nearly valuing HRR on the cash and investments it holds alone and valuing the Woodlawn asset and future cash flows at near zero... that is crazy in my opinion and probably has a lot to do with the risks of building and then running a mine. Wayne comes from a Glencore background and so far he and his team have proven to be pretty competent at hitting milestones. Only a matter of time till the market prices HRR accordingly.