Ann: Corporate Presentation, page-13

The structure of the shares are so many that it gets confusing:

- HC calculates the MC as $55m so that is 1,572,000,000 shares on issue

- The most recent CAI preso states 1,300,000,000 shares on issue for a MC of $45m

- The most recent Appendix 3B (which is what I like to use) states 724m quoted shares with 88m options, and the rest in other shares/options

- On 29 June 18 CAI released the below about the capital structure:


So if we work off that and include all shares/options/etc up to and including 22 June 19 with the SP being at least 2.6c there will be 1,710,000,000 shares on issue which is close to the HC number. If we multiply by 3.5c we have $60m MC.

After doing this, and updating my numbers, $60m MC ain't bad for a 1m+oz project, that is if CAI does not raise any funds up to 22 June 19. You would have to assume funds will be raised as the $6m will be spent this year and they will need funds for the PFS. That means CAI will get close to 2b shares on issue by mid next year.

I do want to exit by year end but I will play it by ear and see what happens. At least I now know I can go off HC's MC figure as it is close to what it will be.