Excelsior Mining Corp (EXMGF)

[DoctorWorm]

I took the fully diluted share count of 266M and the post financing after tax NPV of $730MM. I added $220M to NPV as the original FS used $2.75/lb Cu pricing and $220MM is the approximate added value of a $3.15/lb Cu price. Leaving the discount at 7.5% this results in $3.57/share.

This is NOT my target or prediction. Just what the numbers say. The $2.75lb Cu price was conservative from the get go and as the process proves itself the discount rate may be conservative too. I’ve seen other companies use 5.5-6.