Ann: Financial Advisor for Development of Rothsay Gold Project, page-12

Well assuming they are like normal options once the bank funding is signed off they will get 1.5 million options with a strike price of 30c. This means they give EGA 30c for each option and EGA gives them 1 share. They have 3 year to decide to swap the 30c per option.

The reason why this is so bullish is that to make any real money the SP will need to be over 50c sometime in the next 3 years. Of course if they get bank funding to build the mine this would almost be certain, the real risk for them is EGA has to get funding for their options to be worth anything. They are being paid on success only and for them to take this risk they need to be pretty certain that they EGA will get approval.

If EGA builds a mine I think the SP will be well over 50c, this just confirms that serious people who have seen the DFS draft think so too.