Valuation and SWOT Analysis - MOY, page-9

Hi Jogo,

I added to their cash the $5.296m by $14m on the capital raising and also added $0.873m which was their bullion, and subtracted the debt and lease liabilities that amounted to $5.196m to get their net cash and bullion. Some rounding error in there.

For the determination of whether they are undervalued our not, I took the midpoint of the guidance range. I also think that MOY cannot be directly compared against SLR or WGX because there is a premium ascribed by the market on the volume of gold produced that defines what class of mining producer they are.

Cheers,
Brian