Medinah Minerals (MDMN)

[Beth0515]

Good evening, Rick.

Thanks for taking the time to further explain your position.

If we examine DeCosta's commentary in greater context we see this:

I've probably done a poor job at describing this business model known as acting as a "prospect generator/royalty acquirer" (PG/RA) but the concept is actually fairly straight forward. What I envision Medinah's version of acting as a "project generator/royalty acquirer" is different than the standard "royalty streamer" like Franco-Nevada, Royal Gold, Silver Wheaton, Sandstorm, etc. These "streamers" are more like bankers/mine financiers. They hand an often desperate junior explorer with either a prospect or a discovery a lump of cash and they gain access to a "stream" of either cash flow similar to a tax on earnings or discount priced "metal flow" IF the junior successfully goes into production. The key for a Medinah type company pursuing a PG/RA approach is that the "streamers" have a voracious appetite for buying these "streams" (FCIs) which Medinah has been collecting. This helps the "streamers" diversify their holdings by gaining exposure to production from many mines in many geopolitical settings and therefore mitigate their own risks. One of the foundational concepts of "streaming" is risk diversification.

<snip>

To me, Medinah's business model appears to be a "customized" version of the "PG/RA" model.

No where does Decosta evidence the propriety of the PG/RA concept, nor may one infer with a high degree of confidence that, in fact, it was actually his neologism. A contrary argument is more persuasive- as he contrast the "streamers" from the PG/RA "model", implicit is the understanding that model exists, rather clearly disclosing he just created same. He further confuses by suggesting this immediate model he created to envision Medinah's monetization scheme was a "customized" version of the very same approach. Yet this generic, pre-customized, PG/RA never existed outside of the mind of the dentist in the Medinah framework.

Does Decosta intentionally obfuscate? I have no idea. However, I must continue to stand with Pilot (assuming I correctly understand his position) in the overall assessment/commentary I provided earlier today.

I have no doubt you voraciously disagree with me, and of course expect no less, and appreciate you "keeping me on my toes" so to speak.

B.

ps- Speaking of disagreeing, Picasso sure delivered once again! A $40 trade resulting in 5.2% uptick and a $0.04 close. I know, I know...