Historic Holes, page-34

Yes, important to keep perspective.

Sandstorm's Hod Maden 9.1Mt @ 12g/T AuEq = US$1.1Bln after-tax NPV and 50% IRR. Sandstorm paid US$175M for 30% of Hod Maden. On 100% basis that is US$580M or A$790M.

I currently estimate 4-5Mt @ 14.6g/t AuEq of mineable resource with upside to 8Mt. This is at Rupice, alone. ADT have several prospective regional targets.

At A$0.485/sh, ADT fully diluted enterprise value is still under US$50M.

While the resource may not attract a megacap major, it is right-sized for SFR, IGO, LUN.to and DPM.to and will be a cash cow for these mid-tiers.

If ADT can define 6-8Mt at Rupice, it will have critical mass for a takeover as suitors like at least 10 yrs of mine life with potential for more. In a takeover, I think shareholders can realistically get $3-$5/sh.