Excelsior Mining Corp (EXMGF)

[Photonics_Guy]

Copper Pricing Sensitivity for PPS / NPV / IRR

PPS rate of change = US$0.0304 (CD$0.0400) per 1c move in Cu

ATax NPV rate of change = US$6.06M per 1c move in Cu

ATax IRR rate of change = 0.24% per 1c move in Cu

This means that for every 1c move up in copper, we should see the share price of Excelsior move up by CD$0.04 and US$0.03.

The 12c move in copper we saw in one day last week should have moved the share price up by: CD$0.48 and US$0.36.

Once again, a concrete demonstration of the tremendously undervalued share price of Excelsior.

PG