Sarissa Resources Inc (SRSR)

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Some observations I had from the call

1. SRSR held the conference call today as planned. A greeter welcomed me to the call, asked for the meeting id Sarissa, followed by my name. I was then treated to some interesting hold music at the beginning of the call. Some instrumental Bon Jovi from a sirius xm channel. Joining the call for SRSR was Scott, Dan, Warren, and Lucas, as well as a rep from the legal.

2. There was some of the usual introduction and a background of the property. I won't recap that. As Scott put it, this is stuff most of us on the call already knew.

3. There are two main objectives currently, which are: to spin out and uplist Nio-Star on a better exchange; and complete the twinning work for an updated resource calculation and other work needed for a prefeasibility study.

4. Towards the completion of the twinning work, the company has gained access to the 3 drill cores that were held by the MNDM. Sarissa is to obtain access to this core next week.

5. This core alleviates the need to twin 3 of the 5 holes needed to fulfill the recommendation from the Chance NI report, which is that they twin a representative sample of holes that were used in the Parsons 18Mt .47% reserve estimate. DDH-55-49 is one of those three holes and is the one that Sarissa had already twinned. So, they will still need to drill 2 holes to achieve the 5 needed. It is expected that they will begin mobilizing the drill next week for resumption of drilling.

6. The cores that they get access to next week will be relogged and sent for reassaying. This, along with the 2 holes to be drilled, should allow the independent qualified geologist enough confidence in the historical reserve estimate to result in an NI compliant resource calculation.

7. The updated resource calculation is expected to include both the current and historical resource. IMO, this means we are looking at a resource of 60-75Mt of .47ish% Nb2o5. Recall that Hawke's block model was 49Mt, did not include the 50 meter step outs (DDH 78, 79, and 80), and it does not include the most recent DDH-14-82 that twinned DDH-55-49 but was drilled to greater depth than the original Dominion hole. It's more difficult than I care to tackle at this time, but it should be straightforward enough to extrapolate an updated calculation using the methods of Parsons and Hawke as a guide. But, my guess is we end up with over 60Mt, which is of course open to depth and only considers the first 200 meters of depth. There is another project out there that has been drilling to 1000 meters. I can only imagine what we'd be looking at if we were to do the same. Maybe not 60*5Mt = 300Mt but understand that Nemegosenda is a carbonatite and basically a billion year old extinct volcano. It doesn't take a geoscientist to know that it can be expected to extend with depth. None of this includes what is contained within the SE zone and other parts of the carbonatite property.

8. On the call today, the SRSR geologist Hawkins said the SE zone could host triple or even quadruple the resource that is though to exist in the D zone. But that there just isn't enough data on the SE zone at this time.

9. The focus of the current effort is obviously to bring the D zone into NI resource compliance and worry about the SE zone down the road.

10. The company will be using the services of Roscoe Postle to be the independent geologists to do the current work. They are the group that put together the prefeasibility study on the Thor Lake project for Avalon Rare Metals.

11.The company mentioned that there have been obstacles to raising financing due to being on the pink sheets and not having a current resource estimate. The company believes the plan that is underway will take care of those issues.

12. Towards the spin out and uplisting, work is already currently underway towards preparing for the eventual uplisting.

13. One key that Dan brought up is that resource work could not be done in parallel to the spin out being prepared.

14. And, there are apparently different options regarding the uplisting, but the requirements are 90% the same. So, the company is working towards the 90% right now, while they complete the work towards the resource estimate and PEA.

15. One requirement for the uplisting is audited financials. The company had previously audited it's Nio-Star financials, so the years 2011 and prior are audited. They are currently underway working on the audit of the 2012 financials and then have to finish the 2013.

16. Regarding the Q&A portion, I think there was a total of 5 or 6 questions. There were 4 asked initially, and then 2 additional for an encore of sorts. Dan threw it back to the conference call coordinator at one point to see if there were any more questions,

17. I forget if it was during the QA, but there was a question about the total amount of money that has been raised and when that will be disclosed. Dan indicated that the amounts and terms of the placements would be disclosed but that they were not able to provide that information at this time. I believe he mentioned blue sky laws for US investors as part of the issue there.

18. There were a couple of questions about timetables for when all of this stuff will be completed. The company was reluctant to give timetables during the call.

19. The timetable for the resource estimate depends on consulting with the independent geologist after they have received the data from twinning and to make sure they have the confidence in the historic resource to include it in the updated resource calculation. Given the high degree of correlation between DDH-55-49 and DDH-14-82, the company doesn't expect there will be an issue.

20. The timetable for the uplisting depends on the timing of the completion of the prefeasibility and also on regulators, which the company said the latter is largely out of their control.

21. So, they were reticent to put timetables on those two topics, but at one point, Dan said he hoped all of this could be completed within 6 months.

22. Dan said that as shareholders, we deserve frequent and meaningful updates whether good or bad on their progress towards the plan. This was a theme repeated throughout the call.

23. A question was asked about the report and the company's status with the SOE. Dan deferred to Scott on this one. There is nothing currently in place with the SOE, but they are still in communication. Through an intermediary due to the language barrier. Two of the Nio-Star project biggest supporters at the SOE have recently been promoted to higher positions, so there remains a possibility of working with them in the future. But again nothing more than a dialog at this point.

24. The call wrapped up in about an hour.

25. I should have done the same here.