Copper Fox Metals Inc.

Under this scenario, the NPV would be $2.665B.

Yes, or about $1.50 / sh for our 24%.

And this is still under the Base Case scenario of

130,000 tons per day mill rate
171 MT of inferred treated as costly waste rock
Recovery rates assumed in the BFS that are much lower than our test results
5 years to reach production

i would like the see the 5% NPV and ROV on

180,000 tons per day mill rate recommended by the BFS engineers
171 MT inferred treated as a revenue as per BFS Engineers sugg. w/ 10 drill holes
Use our better recovery rate results
4 years to reach production

I don't have the spreadsheet skills or 'calculator use attention-span' so I am calling on spreadsheet wizards to chime in please.

I would think Elmer could start negotiating from this reference point. jmho