Excelsior Mining Corp (EXMGF)

[Photonics_Guy]

PPS Projection Chart

Here is a modified PPS Projection Chart that highlights how undervalued MIN presently is compared to the value it will be when production is achieved. Please keep in mind that Excelsior will very likely be in production by mid-2018!

The PPS line is based on value at production with respect to copper pricing.

Assumptions:
1. Fully-diluted number of shares: 200M shares
2. Current copper priced at $2.77/lb
3. Current MIN PPS US$0.68/shr
4. Company valuation to 100% of Net Asset Value (NAV).
5. 50/50 split of debt to equity financing for the initial capex raise.
6. Includes debt repayments (principal+interest).
7. Assumes that capital improvements for Phase II and Phase III will be fully funded from a combination of debt and revenues (no equity).