Excelsior Mining Corp (EXMGF)

[Photonics_Guy]

Here you go...a little more context.

Two things I don't like about the coverage by PI...

1. They used LOM AISC of $2.10/lb, which is ~60% higher than what MIN used in the FS. Basically, they included all the expenses of Stage 3 Capex without including the resulting copper produced under Stage 3, which is unfair IMO.

2. They used a Discount Rate of 10% instead of 7.5% for NPV calcs, which I think is too conservative. MIN is on the cusp of production with all risks accounted for (permitting/financing/construction) with the exception of some remaining execution risk.

PI Coverage Link