KRO Company Profile Canalaska Uranium Ltd (CVV-V) RS Web Site Tree Forum SEDAR Quote Free Trade Date Volume High Low Close Chg Status September 11, 2024 383,500 $0.700 $0.630 $0.680 $0.070 Trading Basic Info Listed On: TSX Venture: CVV 6/21/1994 Sector: Resource Key People Issued: 155,314,000 4/30/2024 Story Type: Discovery Exploration Cory Belyk (CEO), Karen Lloyd (Chair), Harry Chan (CFO), Nathan Bridge (VP EX), Dianne M. Szigety (Sec), Diluted: 212,098,000 JK Owns: No Insider Stake: 3% 10/25/2023 Tel: (604) 688-3211 Working Capital: $13,214,000 4/30/2024 Email: Address Market Cap: $105,613,520 Web Site: canalaska.com 625 Howe St # 580, Vancouver, BC, V6C 2T6, Canada Cash Breakup: $0.07 per sh Twitter: @CanAlaska Spec Value Rating History Dec 13, 2018 $0.300 Bottom-Fish Spec Value New Dec 15, 2021 $0.425 Bottom-Fish Spec Value New Nov 28, 2022 $0.395 Bottom-Fish Spec Value New Dec 30, 2022 $0.385 Fair Spec Value New Dec 21, 2023 $0.395 Bottom-Fish Spec Value New Dec 29, 2023 $0.385 Bottom-Fish Spec Value New Mar 7, 2024 $0.740 Good Spec Value New Spec Value Rating Overview SV Rating: Good Spec Value - as of March 7, 2024 Corporate Change History #Old for New Last Price Prior Name Subsequent Name Details Oct 11, 2006 Name Change 1:1 $0.40 Canalaska Ventures (CVV-V) Canalaska Uranium Ltd (CVV-V) Nov 8, 2010 Reverse Split 10:1 $0.14 Canalaska Uranium Ltd (CVV-T) Canalaska Uranium Ltd (CVV-T) Jun 21, 2011 New Exchange Listing 1:1 $0.68 Canalaska Uranium Ltd (CVV-V) Canalaska Uranium Ltd (CVV-T) Dec 30, 2013 New Exchange Listing 1:1 $0.11 Canalaska Uranium Ltd (CVV-T) Canalaska Uranium Ltd (CVV-V) Recommendation History Edition Date Price Recommendation Gain BF1997 12/23/1996 $0.67 New BF MP Buy $0.50-$0.75 0% BF1997 12/1/1997 $0.29 BF Cycle Closeout Sell 100% -61% BF1998 12/1/1997 $0.29 New BF MP Buy $0.30-$0.49 0% BF1998 11/18/1998 $0.67 BF Cycle Closeout Sell 100% -63% BF2016 2/19/2016 $0.17 New BF Buy $0.10-$0.19 -13% BF2016 12/13/2018 $0.30 BF Technical Closeout 100% 82% SVF2023 12/30/2022 $0.39 Fair Spec Value Favorite 0% SVF2023 12/29/2023 $0.39 SV Technical Closeout 100% 0% SVF2024 3/7/2024 $0.74 Good Spec Value Favorite 0% Charts & Financing Activity  Most recent 43-101 resource estimate  Prior resource estimate  PEA  PFS  FS/BFS/DFS Private Placement Key less than $500,000 $1,000,000 - $2,000,000 $5,000,000 - $10,000,000 $20,000,000 - $50,000,000 $500,000 - $1,000,000 $2,000,000 - $5,000,000 $10,000,000 - $20,000,000 over $50,000,000 Private placement financing dates and value ranges are based on transactions reported by the TSXV Monthly Review. Date Company Type Quantity Price FT Units Amount Broker Jan 15, 2002 CanAlaska Ventures Ltd PP 2,000,000 $0.100 Units $200,000 Nov 11, 2002 Canalaska Ventures Ltd PP 1,000,000 $0.100 Units $100,000 Dec 23, 2002 Canalaska Ventures Ltd PP 466,667 $0.150 Units $70,000 Sep 12, 2003 Canalaska Ventures Ltd PP 1,500,000 $0.100 Units $150,000 Oct 6, 2003 CanAlaska Ventures Ltd PP 3,500,000 $0.100 Units $350,000 Nov 11, 2003 CanAlaska Ventures Ltd PP 2,000,000 $0.230 Units $460,000 Dec 23, 2003 CanAlaska Ventures Ltd PP 2,142,858 $0.350 FT Units $750,000 Jan 6, 2004 CanAlaska Ventures Ltd PP 2,142,858 $0.350 FT Units $750,000 Feb 2, 2004 CanAlaska Ventures Ltd PP 2,000,000 $0.350 Units $700,000 Nov 29, 2004 CanAlaska Ventures Ltd PP 3,300,000 $0.300 Units $990,000 Dec 21, 2004 CanAlaska Ventures Ltd PP 4,000,000 $0.300 Units $1,200,000 Dec 22, 2004 CanAlaska Ventures Ltd PP 1,387,500 $0.400 FT Units $555,000 Jan 20, 2005 CanAlaska Ventures Ltd PP 2,362,500 $0.400 Units $945,000 Jul 7, 2005 Canalaska Ventures Ltd PP 3,000,000 $0.320 FT $960,000 Sep 6, 2005 Canalaska Ventures Ltd PP 435,000 $0.350 Units $152,250 Sep 6, 2005 Canalaska Ventures Ltd PP 3,125,000 $0.400 FT $1,250,000 Sep 21, 2005 Canalaska Ventures Ltd PP 3,231,500 $0.350 Units $1,131,025 Sep 23, 2005 Canalaska Ventures Ltd PP 535,000 $0.350 Units $187,250 Dec 19, 2005 Canalaska Ventures Ltd PP 5,000,000 $0.400 FT $2,000,000 Dec 19, 2005 Canalaska Ventures Ltd PP 1,353,791 $0.370 Units $500,903 Mar 15, 2006 CanAlaska Ventures Ltd PP 7,425,374 $0.420 Units $3,118,657 Apr 13, 2006 CanAlaska Ventures Ltd PP 4,893,000 $0.550 FT Units $2,691,150 Oct 27, 2006 Canalaska Uranium Ltd PP 7,470,331 $0.450 FT Units $3,361,649 Dec 12, 2006 Canalaska Uranium Ltd PP 4,000,000 $0.520 Units $2,080,000 Mar 6, 2007 Canalaska Uranium Ltd PP 6,944,444 $0.720 Units $5,000,000 Sep 25, 2007 Canalaska Uranium Ltd PP 1,111,111 $0.450 FT Units $500,000 Oct 31, 2007 Canalaska Uranium Ltd PP 7,660,877 $0.470 FT Units $3,600,612 Oct 31, 2007 Canalaska Uranium Ltd PP 7,629,968 $0.380 Units $2,899,388 May 9, 2008 Canalaska Uranium Ltd PP 9,452,060 $0.340 FT Units $3,213,700 May 28, 2008 Canalaska Uranium Ltd PP 1,470,600 $0.340 FT Units $500,004 Aug 12, 2009 CanAlaska Uranium Ltd PP 5,826,764 $0.170 FT Units $990,550 Nov 3, 2009 CanAlaska Uranium Ltd PP 11,904,428 $0.210 FT Units $2,499,930 Nov 30, 2009 CanAlaska Uranium Ltd PP 2,380,000 $0.210 FT Units $499,800 Dec 21, 2009 CanAlaska Uranium Ltd PP 14,496,300 $0.210 FT Units $3,044,223 Dec 21, 2009 CanAlaska Uranium Ltd PP 10,897,571 $0.175 Units $1,907,075 Dec 30, 2010 CanAlaska Uranium Ltd PP 446,167 $1.600 FT Units $713,867 Dec 30, 2010 CanAlaska Uranium Ltd PP 1,721,708 $1.600 Units $2,754,733 May 30, 2011 CanAlaska Uranium Ltd PP 418,141 $1.130 FT $472,499 Jul 13, 2016 Canalaska Uranium Ltd PP 2,000,000 $0.560 Units $1,120,000 Feb 27, 2018 Canalaska Uranium Ltd PP 1,722,823 $0.340 Units $585,760 Jun 21, 2018 Canalaska Uranium Ltd PP 531,588 $0.340 Units $180,740 Jun 21, 2018 Canalaska Uranium Ltd PP 853,276 $0.390 FT Units $332,778 Nov 27, 2018 Canalaska Uranium Ltd PP 1,795,375 $0.320 Units $574,520 Jan 3, 2019 Canalaska Uranium Ltd PP 930,000 $0.350 FT Units $325,500 May 17, 2019 Canalaska Uranium Ltd PP 1,744,500 $0.320 FT Units $558,240 May 17, 2019 Canalaska Uranium Ltd PP 9,551,910 $0.275 Units $2,626,775 Aug 20, 2019 Canalaska Uranium Ltd PP 1,085,625 $0.320 FT Units $347,400 Aug 20, 2019 Canalaska Uranium Ltd PP 255,000 $0.275 Units $70,125 Jan 21, 2020 Canalaska Uranium Ltd PP 4,666,250 $0.160 Units $746,600 Jan 21, 2020 Canalaska Uranium Ltd PP 6,190,889 $0.190 FT Units $1,176,269 Nov 16, 2020 Canalaska Uranium Ltd PP 2,211,000 $0.200 FT Units $442,200 Nov 16, 2020 Canalaska Uranium Ltd PP 3,444,545 $0.220 FT Units $757,800 Jan 5, 2021 Canalaska Uranium Ltd PP 4,921,714 $0.280 FT Units $1,378,080 Jan 5, 2021 Canalaska Uranium Ltd PP 1,633,713 $0.380 FT Units $620,811 Mar 30, 2021 Canalaska Uranium Ltd PP 4,308,800 $0.500 FT Units $2,154,400 Mar 30, 2021 Canalaska Uranium Ltd PP 1,321,250 $0.640 FT Units $845,600 Nov 24, 2021 Canalaska Uranium Ltd PP 8,097,563 $0.750 Units $6,073,172 Nov 24, 2021 Canalaska Uranium Ltd PP 6,163,064 $0.880 FT $5,423,496 Nov 22, 2022 Canalaska Uranium Ltd PP 13,173,212 $0.520 FT Units $6,850,070 Nov 22, 2022 Canalaska Uranium Ltd PP 4,499,900 $0.700 FT Units $3,149,930 Dec 15, 2023 Canalaska Uranium Ltd PP 3,770,456 $0.558 FT Units $2,102,029 Dec 15, 2023 Canalaska Uranium Ltd PP 6,944,444 $0.360 FT Units $2,500,000 Dec 15, 2023 Canalaska Uranium Ltd PP 17,406,991 $0.425 FT Units $7,397,971 Capital Financials Dated: April 30, 2024 Reporting Period: 12 months Year End: 04/30 Currency: CAD Assets Liabilities Income Cash Equivalents: $11,333,000 Current Liabilities: $1,197,000 Operating Revenues: $0 Receivables etc: $3,078,000 Tangible LT Debt: $662,000 Operating Cash Costs: $0 Current Assets: $14,411,000 Intangible LT Debt: $0 Operating Cash Flow: $0 Long Term Assets: $1,488,000 Total Liabilities: $1,859,000 Operating Non-Cash Costs: $0 Miscellaneous Revenue: $0 Total Assets: $15,899,000 Share Capital: $111,613,000 Cash Expenses: $6,850,000 Shareholder Deficit: ($97,573,000) Non-Cash Expenses: $1,187,000 Working Capital: $13,214,000 Net Shareholder Equity: $14,040,000 Total Expenses: $8,037,000 Overall Cash Flow: ($6,850,000) Monthly Overhead: $570,833 Net Income (Loss): ($8,037,000) Note: Capital History Date Period Cash Eq Current Assets Total Assets Current Liabilities Total Liabiltiies Share Capital GAIN Cash Expenses Diluted Working Capital 10/31/2010 6 $5,702,000 $6,185,000 $57,534,000 $358,000 $17,959,000 $60,901,000 $848,000 0 $5,827,000 7/31/2011 3 $7,381,000 $7,998,000 $10,723,000 $997,000 $997,000 $72,583,000 $343,000 24,784,000 $7,001,000 10/31/2011 6 $6,264,000 $6,774,000 $9,458,000 $745,000 $745,000 $72,449,000 $2,500,000 24,463,000 $6,029,000 1/31/2012 9 $5,869,000 $6,338,000 $9,023,000 $1,519,000 $1,519,000 $72,449,000 $3,707,000 24,401,000 $4,819,000 4/30/2012 12 $4,394,000 $4,860,000 $7,065,000 $1,792,000 $1,792,000 $73,210,000 $6,693,000 26,275,000 $3,068,000 7/31/2012 3 $2,425,000 $2,667,000 $4,674,000 $367,000 $367,000 $73,210,000 $758,000 26,264,000 $2,300,000 10/31/2012 6 $1,741,000 $1,977,000 $3,915,000 $200,000 $200,000 $73,205,000 $1,278,000 26,428,000 $1,777,000 1/31/2013 9 $1,464,000 $1,659,000 $3,571,000 $186,000 $186,000 $73,205,000 $1,584,000 24,804,000 $1,473,000 4/30/2013 12 $1,265,000 $1,409,000 $3,225,000 $195,000 $195,000 $73,205,000 0% $1,929,000 25,728,000 $1,214,000 7/31/2013 3 $1,105,000 $1,226,000 $2,878,000 $204,000 $204,000 $73,206,000 $308,000 25,483,000 $1,022,000 10/31/2013 6 $909,000 $1,234,000 $2,826,000 $158,000 $158,000 $73,205,000 $387,000 24,656,000 $1,076,000 1/31/2014 9 $755,000 $974,000 $2,416,000 $157,000 $157,000 $73,205,000 $570,000 26,028,000 $817,000 4/30/2014 12 $1,044,000 $1,510,000 $2,806,000 $382,000 $382,000 $73,205,000 0% $115,000 25,919,000 $1,128,000 7/31/2014 3 $2,177,000 $2,753,000 $3,974,000 $233,000 $233,000 $73,205,000 $327,000 26,194,000 $2,520,000 10/31/2014 6 $1,801,000 $2,208,000 $3,406,000 $215,000 $215,000 $73,205,000 $510,000 26,143,636 $1,993,000 1/31/2015 9 $1,710 $2,336 $3,442 $136 $136 $73,205 $629 26,144,000 $2,200 4/30/2015 12 $1,605,000 $2,373,000 $3,462,000 $137,000 $137,000 $73,205,000 0% $834,000 26,089,000 $2,236,000 7/31/2015 3 $1,409,000 $1,800,000 $2,790,000 $161,000 $161,000 $73,205,000 $227,000 26,194,000 $1,639,000 10/31/2015 6 $1,171,000 $1,584,000 $2,560,000 $108,000 $108,000 $73,205,000 $953,000 26,194,000 $1,476,000 1/31/2016 9 $869,000 $1,189,000 $2,119,000 $135,000 $135,000 $73,205,000 $1,216,000 26,194,000 $1,054,000 4/30/2016 12 $943,000 $1,576,000 $2,278,000 $156,000 $156,000 $73,325,000 0% $710,000 30,194,000 $1,420,000 7/31/2016 3 $1,971,000 $2,863,000 $3,466,000 $219,000 $219,000 $74,315,000 $375,000 30,333,636 $2,644,000 10/31/2016 6 $1,658,000 $2,256,000 $2,810,000 $238,000 $238,000 $74,454,000 $729,000 31,844,000 $2,018,000 1/31/2017 9 $1,309,000 $2,098,000 $2,635,000 $137,000 $137,000 $74,496,000 ($629,466) 32,194,000 $1,961,000 4/30/2017 12 $1,309,000 $2,098,000 $2,635,000 $137,000 $137,000 $74,496,000 2% $3,754,000 32,194,000 $1,961,000 7/31/2017 3 $900 $1,510 $1,828 $148 $148 $74,506 $203 32,194,000 $1,362 10/31/2017 6 $653,000 $1,304,000 $1,633,000 $129,000 $129,000 $74,523,000 $480,000 32,139,000 $1,175,000 1/31/2018 9 $567,000 $1,155,000 $1,483,000 $139,000 $139,000 $74,723,000 $655,000 32,799,000 $1,016,000 4/30/2018 12 $899,000 $1,468,000 $1,758,000 $210,000 $210,000 $75,219,000 1% $982,000 35,261,000 $1,258,000 7/31/2018 3 $1,137,000 $1,707,000 $2,035,000 $243,000 $243,000 $75,590,000 $255,000 37,695,000 $1,464,000 10/31/2018 6 $813,000 $1,204,000 $1,543,000 $241,000 $241,000 $75,590,000 $391,000 36,200,000 $963,000 1/31/2019 9 $1,129,000 $1,533,000 $1,887,000 $213,000 $213,000 $76,256,000 $951,000 42,259,000 $1,320,000 4/30/2019 12 $1,073,000 $1,498,000 $1,967,000 $157,000 $157,000 $76,337,000 1% $982,000 42,634,000 $1,341,000 7/31/2019 3 $2,889,000 $3,300,000 $3,764,000 $586,000 $586,000 $77,981,000 $1,034,000 67,949,000 $2,714,000 10/31/2019 6 $1,499,000 $1,845,000 $2,307,000 $124,000 $124,000 $78,087,000 $2,450,000 69,696,000 $1,721,000 1/31/2020 9 $2,854,000 $3,296,000 $3,756,000 $274,000 $274,000 $79,600,000 $1,072,000 85,595,000 $3,022,000 4/30/2020 12 $1,611,000 $1,986,000 $2,455,000 $154,000 $154,000 $79,600,000 4% $3,890,000 86,011,000 $1,832,000 7/31/2020 3 $1,497,000 $2,014,000 $2,467,000 $202,000 $202,000 $79,600,000 $193,000 82,831,000 $1,812,000 10/31/2020 6 $1,732,000 $2,293,000 $2,748,000 $166,000 $166,000 $79,587,000 $496,000 82,831,000 $2,127,000 1/31/2021 9 $4,355,000 $5,210,000 $5,711,000 $532,000 $532,000 $82,894,000 $1,159,000 111,792,000 $4,678,000 4/30/2021 12 $7,016,000 $7,815,000 $8,346,000 $322,000 $322,000 $86,265,000 8% $1,346,000 119,014,000 $7,493,000 7/31/2021 3 $7,202,000 $7,790,000 $8,778,000 $502,000 $779,000 $87,351,000 $645,000 121,374,000 $7,288,000 10/31/2021 6 $11,702,000 $12,866,000 $13,925,000 $367,000 $641,000 $88,107,000 $2,584,000 121,374,000 $12,499,000 1/31/2022 9 $15,518,000 $16,469,000 $17,445,000 $2,137,000 $2,395,000 $96,073,000 $729,000 143,595,000 $14,332,000 4/30/2022 12 $14,012,000 $15,175,000 $16,190,000 $1,866,000 $2,108,000 $96,227,000 12% $1,520,000 143,645,000 $13,309,000 7/31/2022 3 $11,759,000 $12,592,000 $13,579,000 $1,479,000 $1,704,000 $96,261,000 $1,024,000 145,755,000 $11,113,000 10/31/2022 6 $11,566,000 $15,410,000 $16,929,000 $483,000 $1,131,000 $96,778,000 $1,709,000 145,755,000 $14,927,000 1/31/2023 9 $17,256,000 $21,036,000 $22,805,000 $4,510,000 $5,291,000 $101,818,000 $3,958,000 175,019,000 $16,526,000 4/30/2023 12 $11,527 $13,560 $15,386 $2,551 $3,309 $101,924 -100% $7,413 170,028,000 $11,009 7/31/2023 3 $10,243,000 $12,091,000 $14,887,000 $2,006,000 $2,741,000 $102,594,000 $72,000 168,272,000 $10,085,000 10/31/2023 6 $6,917,000 $8,548,000 $11,308,000 $1,272,000 $1,983,000 $102,594,000 $2,984,000 168,132,000 $7,276,000 1/31/2024 9 $15,349,000 $17,563,000 $19,161,000 $2,487,000 $3,176,000 $110,568,000 $9,506,000 212,149,000 $15,076,000 Structure & People Directors, Officers and Employees: 4,803,253 3.1% AGM: October 25, 2023 Other Insiders: 0 0.0% People Tree Available Past Reported Shareholders: 2,211,833 N/A Related Party Occupation Related Since Insider Director Officer Capacity Ownership % Cory Belyk Geologist 5/25/2021 CEO & President 952,844 0.6% Peter G. Dasler Geologist 1/1/2004 President 1,717,737 1.1% Geoffrey Gay Corporate Director 7/28/2021 40,000 0.0% Thomas Jr Graham Diplomat 9/19/2007 Chairman 738,555 0.5% Karen Lloyd Administrator 7/28/2021 Chairman 25,000 0.0% Jean-Luc Roy Geologist 1/1/2007 425,000 0.3% Shane W. Shircliff Corporate Director 7/28/2021 Advisory Board 0 0.0% Nathan Bridge Geologist 7/12/2021 VP Exploration 0 0.0% Harry Chan Accountant 1/1/2015 CFO 0 0.0% Carrie Lynn K. Howes Investor Relations 12/31/2023 IR 0 0.0% Rayleigh Capital Ltd Investor Relations 1/4/2023 IR 0 0.0% Red Cloud Financial Services Inc Investor Relations 1/4/2021 IR 0 0.0% Karl Schimann Geologist 9/27/2013 Consultant 648,000 0.4% Dianne M. Szigety Administrator 9/24/2015 Corporate Secretary 0 0.0% Misty Urbatsch Investor Relations 7/10/2023 Advisory Board 0 0.0% Past Insiders and Reported Shareholders - Current Ownership Status unknown - positions may be pre-rollback Related Party Occupation Related Since Insider Ended Director Ended Capacity Ownership Bernard Barlin Deceased 1/1/1989 9/23/2009 9/23/2009 Director 0 Harry G. Barr Businessperson 1/1/1985 9/19/2007 9/19/2007 Director 256,117 Colin Bird Engineer 1/1/1996 3/25/2008 3/25/2008 Director 112,500 Joseph Bowes Accountant 10/19/2009 9/24/2015 CFO 0 John Clemens Broker 12/30/2010 Placee 20,000 Richard M. Cohen Broker 8/12/2009 Placee 75,000 Daniel L. G. Faure Geologist 1/1/2012 10/25/2023 Advisory Board 0 Victor Fern Businessperson 3/25/2008 4/5/2021 4/5/2021 Director 130,000 Emil Fung 9/19/2007 9/10/2012 9/10/2012 Director 20,864 Nana Lampton 1/1/2012 10/25/2023 Advisory Board 0 Olav Langelaar Broker 8/12/2009 Placee 40,000 Hubert R. Marleau Businessperson 1/1/1996 6/24/2013 6/24/2013 Director 0 Ravensden Asset Management Inc. Fund Manager 9/23/2009 Insider 1,132,352 Michael E. Riley Accountant 6/2/2011 9/26/2013 9/27/2013 Director 0 Simon Szeto 1/3/2013 10/25/2023 Advisory Board 0 Damian Towns 10/19/2009 Insider 0 Kathleen K. Townsend Lawyer 1/7/2014 9/1/2021 9/1/2021 Director 425,000 Share positions of current insiders based on last AGM circular, ownership % based on current Issued. Share positions of past insiders and shareholders have not been adjusted for rollbacks or splits. Active Index Memberships Membership Start Date: March 7, 2024 Start Price: $0.74 KRO Favorites 2024: Features companies designated 2024 KRO Favorites, based on closing price December 29, 2023 or when added during 2024.. Risk Analysis Click here to view IPV Report Key to Understanding the Spec Value Hunter Tables Flagship Play Secondary Plays Other Plays A Spec Value Hunter table allows speculators to identify which projects offer poor, fair or good speculative value according to the rational speculation model. The speculative value depends on the project stage, the project's implied value as calculated by the company's fully diluted, stock price and net project interest, and the dream target deemed appropriate for the project. A dream target is what a project would be worth in discounted cash flow terms once in production. Poor Speculative Value - Fair Speculative Value - Good Speculative Value - Note: narrow arrows indicate IPV is outside the fair value channel but within 25% of the fair value limits Color Key for Target Outcome Achievability Ranges in millions ranked from most to least achievable below $25 Should be Private: Artisanal, Placer, Mom & Pop Shop $25-$50 Tiny Scale: underground mine or quarry - not worth the bother $50-$100 Small Scale: junior needs to self-develop $100-$250 Buyout Target: by Lower Tier Producers $250-$500 Buyout Target: by Mid-Tier Producers $500-$1,000 Ideal Target for Junior: Buckhorn, Sleeper $1,000-$2,000 Almost World Class: Ekati, Red Chris, Brucejack, Juanicipio, Stibnite $2,000-$5,000 World Class: Eskay Creek, Hemlo, Hermosa-Taylor, Oyu Tolgoi, LaRonde, McArthur $5,000-$10,000 Giants: Escondida, Sullivan, Carlin Trend, Kidd Creek, Orapa, Kamoa-Kakula above $10,000 Off the Scale District: Wits 1.0, Araxa, Sudbury Basin, Bayan Obo The target outcome range required for the current implied project value to represent fair speculative value is based on the upper and lower certainty limits associated with the project stage. The color coding is based on the target outcome using the mid-point of the certainty range. Active Company Projects Project Location Net Interest Stage IPV $ MM Fair Spec Value Required Target Outcome Range $100 UPV $500 $2000 Target Metals Deposit Style West McArthur Canada - Saskatchewan - Athabasca Basin 83.3% WI 3-Discovery Delineation $173 $3,463 - $6,926 Uranium Unconformity style Cree East Canada - Saskatchewan - Athabasca Basin 100% WI 2-Target Drilling $144 $5,769 - $14,423 Uranium Unconformity style Key Extension Canada - Saskatchewan - Athabasca Basin 100% WI 2-Target Drilling $144 $5,769 - $14,423 Uranium Unconformity style Manibridge-Resting-Halfway Canada - Manitoba - Thompson Belt 100% WI 2-Target Drilling $144 $5,769 - $14,423 Nickel Magmatic Segregation McTavish Canada - Quebec - Athabasca Basin 20% TC 2-Target Drilling $721 $28,845 - $72,113 Uranium Unconformity style Moon Lake South Canada - Saskatchewan - Athabasca Basin 25% WI 2-Target Drilling $577 $23,076 - $57,691 Uranium Unconformity style Waterbury East Canada - Saskatchewan - Athabasca Basin 20% WI 2-Target Drilling $721 $28,845 - $72,113 Uranium Unconformity style Waterbury South Canada - Saskatchewan - Athabasca Basin 80% TC 2-Target Drilling $180 $7,211 - $18,028 Uranium Unconformity style AKP Canada - Saskatchewan - Athabasca Basin 100% WI 2-Target Drilling $144 $5,769 - $14,423 Diamond Kimberlite Burrill Canada - Saskatchewan - Athabasca Basin 100% WI 1-Grassroots $144 $14,423 - $28,845 Uranium Unconformity style Carswell Canada - Saskatchewan - Athabasca Basin 100% WI 1-Grassroots $144 $14,423 - $28,845 Uranium Unconformity Chymko Canada - Saskatchewan - Athabasca Basin 100% WI 1-Grassroots $144 $14,423 - $28,845 Uranium Unconformity style Kingston Canada - Saskatchewan - Athabasca Basin 100% WI 1-Grassroots $144 $14,423 - $28,845 Uranium Unconformity style Marshall Canada - Saskatchewan - Athabasca Basin 100% WI 1-Grassroots $144 $14,423 - $28,845 Uranium Unconformity style Mouse Mountain Canada - British Columbia - Central BC 100% WI 2-Target Drilling $144 $5,769 - $14,423 Copper Gold Porphyry North Millenium Canada - Saskatchewan - Athabasca Basin 100% WI 1-Grassroots $144 $14,423 - $28,845 Uranium Unconformity style North Thompson Canada - Manitoba - Thompson Belt 100% WI 2-Target Drilling $144 $5,769 - $14,423 Nickel Magmatic Segregation Ruttan Canada - Manitoba 100% WI 2-Target Drilling $144 $5,769 - $14,423 Gold Copper Zinc VMS Taggart Canada - Saskatchewan - Athabasca Basin 100% WI 1-Grassroots $144 $14,423 - $28,845 Uranium Unconformity style Warren Canada - Saskatchewan - Athabasca Basin 100% WI 1-Grassroots $144 $14,423 - $28,845 Uranium Unconformity style Waterbury West Canada - Saskatchewan - Athabasca Basin 2.00% NSR 1-Grassroots $0 $0 - $0 Uranium Unconformity style Watson Canada - Saskatchewan - Athabasca Basin 100% WI 1-Grassroots $144 $14,423 - $28,845 Uranium Unconformity style Project Stage Flagship Secondary Active Grassroots (1) & Target Testing (2) Discovery Delineation (3) Infill Drilling & Metallurgy (4) PEA (5) or PFS (6) Feasibility & Permitting (7) Construction (8) or Production (9) Clicking on the project icon will display a popup identifying the company project, its stage and target metals, basic facts, a chart, a link to that project within that company's KRO Profile, a link to the most recent news release, and a link to the most recent KRO comment if one exists.

West McArthur Project
Featured in Share Collective
West McArthur		Canada	SK	Athabasca Basin	35,830 ha

Net Interest: 83.3% WI Vested: Yes Uncapped NSR/GOR: 8.25%

Ownership Terms: CanAlaska entered into an option agreement with Mitsubishi Development Pty Ltd. (MDP) where MDP may acquire a 50% ownership interest in the West McArthur Project by expending a minimum Cdn$11.0 million in cash and exploration payments to CanAlaska over a 3½ -year period. Upon MDP fulfilling its exploration commitments under the Option Agreement, the parties will enter into a 50/50 joint venture. On Jan 21, 2016 Canalaska acquired Mitsubishi's 50% for $600,000 and a 1% NSR. Feb 24, 2016 deal optioning 60% to Cameco for $725,000 cash upfront plus $5 million exploration over 3 years to earn 30%, then pay $500,000 plus another $6,275,000 exploration over 3 years to earn 60%. $1 million is required in the first year, and 2 deep holes must be drilled in the Grid 1 area within 2 years. The province of Saskatchewan collects a 7.25% royalty on uranium production value less transportation costs of yellowcake to market. On Oct 19, 2018 Cameco after paying $725,000 and spending $5 million gave notice of vesting for 30% but declined to increase to 60%. Canalaska is operator. Due to a decision by Cameco not to participate its interest has declined to 16.71% as of Dec 31, 2023 and is also not participating in 2024.

Target Metals: Uranium

Model: Unconformity style

Stage: 3-Discovery Delineation

See Reliable Project Location Google Map in free Corporate Profile

Milestone Timeline
Program	Start	End	Milestone
Target Testing	2016 Q3 Late July	2016 Q3 Late September	Followup drilling by Cameco on the C10 conductor southwest of the first hole drilled in May.

Outcome Visualization Project as of Sep 11, 2024: Canalaska:- West McArthur as McArthur River Clone
Project:	West McArthur	Location:	Canada	Stage:	3-Discovery Delineation
Net Interest:	83.3% WI	Uncapped NSR:	8.3%	Target Metals:	Uranium
OV Project ID:	1000009	OVP Posted:	5/17/2016	OVP Retired:
Current OV ID:	1000035	Current OV Confirmed:	3/8/2024	Visualizer:	JK

Click here for Full Visualized Outcome (KRO Members Only)

Visualized Outcome: Canalaska - West McArthur as McArthur River Clone
Canalaska Uranium Ltd announced a basement hosted intersection on July 15, 2022 while testing a conductor southwest of the 42 Zone which has sandstone hosted mineralization related to the structure that hosts the Fox Lake zone owned by Cameco and Orano. The Fox Lake deposits are about 400,000 tonnes of 7.99% U3O8. An OV created for West McArthur in 2016 visualized a McArthur River clone and used costs provided by Cameco in a 2012 43-101 report. McArthur River is mined at only 200 tpd because it is about 1 million tonnes of 16% and located at the unconformity which creates difficult mining conditions that entail very high costs. In February 2024 Canalaska announced a substantial very high grade intersection at the unconformity after struggling during 2023 to define the geometry of the basement hosted mineralization encountered in 2022. The unconformity intersection will simplify delineation drilling of what may prove to be a "string of pearls" similar to the McArthur egress-style zones. This OV has been updated with an across the board 25% cost escalation of the costs used in 2016.
Source Note: The costs used in the original 2016 OV were based on CAD costs used by Cameco for Cigar Lake and McArthur River. For the 2024 OV update all costs have been increased by 25%.
Visualized Outcome Summary: Canalaska - West McArthur as McArthur River Clone
Deposit Scenario: 1,062,200 t @ 16.46% Uranium
Mining Scenario: Underground 200 tpd 14.6 yrs, CapEx $1.9 billion, SustCapEx $649.0 million, OpEx $6,753.75/t (USD)
LOM Payable: 380.0 million lb U3O8 uranium
Economic Outcome (USD): Revenue Model at OV designated Metal Prices
		Annual Average	Life of Mine (LOM)	LOM Stats
Recoverable Revenue:		$2,081,979,085	$30,294,221,705	$28,520/t ore Recoverable Value:
Smelter/Transport Costs:		($8,072,798)	($117,464,738)	0.4% of Recoverable Revenue
Gross Payable Revenue:		$2,073,906,288	$30,176,756,967	99.6% of Recoverable Revenue
Royalties:		($171,097,269)	($2,489,582,450)	8.3% of Gross Payable Revenue
Net Payable Revenue:		$1,902,809,019	$27,687,174,517	91.4% of Recoverable Revenue
Mining Cost:		($241,739,642)	($3,517,477,371)	45% of OpEx - $3,311.50/t ore
Processing Cost:		($214,879,682)	($3,126,646,552)	40% of OpEx - $2,943.56/t ore
Other Cost:		($32,231,952)	($468,996,983)	6% of OpEx - $441.53/t ore
Sustaining Cost:		($42,926,877)	($643,903,157)	8% of OpEx - $606.20/t ore
Total Operating Cost:		($532,053,252)	($7,761,026,932)	28% of Net Payable Revenue - OpEx - $7,306.56/t ore
Pre-Tax Cash Flow:		$1,370,755,767	$19,926,147,585	72% of Net Payable Revenue - $18,759.32/t ore
Taxes:		($522,614,507)	($7,596,298,197)	38% of Pre-Tax Cash Flow - $7,151.48/t ore
After-Tax Cash Flow:		$848,141,260	$12,329,849,388	45% of Net Payable Revenue - $11,607.84/t ore
Note: Concentrate transport costs, smelter treatment costs and retention are subtracted from recoverable revenue to get gross payable revenue to which the uncapped royalty rate for the project is applied. The annual average of LOM sustaining cost is expensed as an annual operating cost. Annual average figures reflect full production years.
Economic Outcome (USD): Royalty Model for 1% NSR at OV designated Metal Prices
Mine Life:	15 years	Startup	NPV 5%	NPV 10%	NPV 15%
Annual Avg NSR:	$19,028,090	Now	$184,183,392	$129,711,326	$95,837,901
LOM NSR:	$276,871,745	2030	$137,440,483	$73,218,662	$41,433,369
Economic Outcome - Discount Rate: 8.0% - CAD AT NPV: $6.7 billion - Fair Speculative Value
Gross Rock Value (USD/t):	$28,896	Recoverable Rock Value:	$28,520	Payable Rock Value:	$28,410
LOM Net Payable Revenue (USD):	$27,687,174,517	LOM PT Cash Flow (USD):	$19,926,147,585	LOM AT Cash Flow (USD):	$12,329,849,388
USD Pre-Tax NPV:	$8,974,993,916	Pre-Tax IRR:	74.5%	Pre-Tax Payback:	1.3
USD After-Tax NPV:	$4,903,948,170	After-Tax IRR:	45.9%	After-Tax Payback:	2.2
CAD Fair Spec Value Low:	$166,599,379	CAD Fair Spec Value High:	$333,198,758	CAD Implied Project Value:	$173,162,012
Price Target if Visualized Outcome delivered by Expl-Dev Cycle without dilution: CAD $26.17
Fair Speculative Value Stock Price Range: CAD $0.65 - $1.31
MSV (Market Cycle S Curve): Market Speculative Value represents the typical market pricing pattern of a new discovery as it moves through its exploration-development cycle. The irrational pricing behavior of the yellow channel contrasts with the fair speculative value of the blue channel as defined by the rational speculation model because during the pre-economic study stages there is great uncertainty about how big the discovery will turn out.

Fair Speculative Value Ladder

USD OV NPV	CAD OV NPV	Exch Rate	Diluted	Net Interest
$4,903,948,170	$6,663,975,168	1.3589	212,098,000	83.29%
Project Stage	Uncertainty Range	CAD FSV Range	CAD FSV per Share Range	CAD MSV per Share Range
Grassroots	0.5% - 1.0%	$33,319,876 - $66,639,752	$0.13 - $0.26	$0.26 - $0.65
Target Drilling	1.0% - 2.5%	$66,639,752 - $166,599,379	$0.26 - $0.65	$0.65 - $1.31
Discovery Delineation	2.5% - 5.0%	$166,599,379 - $333,198,758	$0.65 - $1.31	$1.31 - $19.63
Infill & Metallurgy	5% - 10%	$333,198,758 - $666,397,517	$1.31 - $2.62	$13.08 - $26.17
PEA	10% - 25%	$666,397,517 - $1,665,993,792	$2.62 - $6.54	$6.54 - $19.63
Prefeasibility	25% - 50%	$1,665,993,792 - $3,331,987,584	$6.54 - $13.08	$6.54 - $13.08
Permitting & Feasibility	50% - 75%	$3,331,987,584 - $4,997,981,376	$13.08 - $19.63	$6.54 - $13.08
Construction	75% - 100%	$4,997,981,376 - $6,663,975,168	$19.63 - $26.17	$13.08 - $19.63
Production	100%	$6,663,975,168	$26.17	$26.17 - $32.71

Market Speculative Value Stock Price Range: CAD $1.31 - $19.63

Warning: while the market spec value (S-Curve) and fair spec value channels presented in project value terms track the evolving expected ultimate outcome value, when presented in stock price terms the expected stock prices are subject to dilution through future equity financings or project interest farmouts.

Alternative Metal Price Scenarios
	Metal 1	Metal 2	Metal 3	Metal 4
	Uranium
Spot:	$79.63 /lb U3O8
OV Assigned:	$79.63 /lb U3O8
Pessimistic:	$50.00 /lb U3O8
Optimistic:	$125.00 /lb U3O8
Fantasy:	$200.00 /lb U3O8
Note: for Metal 1 pessimistic, optimistic and fantasy price scenarios, OV assigned prices are used for Metals 2-4

Economic Outcomes with Alternative Metal Price Scenarios
	USD PT NPV	USD PT IRR	USD AT NPV	USD AT IRR	AT Payback yrs
Spot:	$8,974,993,916	74.5%	$4,903,948,170	45.9%	2.2
OV Assigned:	$8,974,993,916	74.5%	$4,903,948,170	45.9%	2.2
Pessimistic:	$3,434,939,024	35.4%	$1,690,716,333	22.4%	4.2
Optimistic:	$17,458,027,679	133.7%	$9,824,107,753	80.4%	1.2
Fantasy:	$31,481,116,334	231.5%	$17,957,499,172	137.1%	0.7

Fair Speculative Value for Alternative Metal Price Scenarios
Stage: Discovery Delineation - 2.5% - 5.0%
	CAD AT NPV	CAD Target Price	CAD FSV Range	CAD FSV per Share Range	CAD MSV per Share Range
Spot:	$6,663,975,168	$26.17	$166,599,379 - $333,198,758	$0.65 - $1.31	$1.31 - $19.63
OV Assigned:	$6,663,975,168	$26.17	$166,599,379 - $333,198,758	$0.65 - $1.31	$1.31 - $19.63
Pessimistic:	$2,297,514,425	$9.02	$57,437,861 - $114,875,721	$0.23 - $0.45	$0.45 - $6.77
Optimistic:	$13,349,980,025	$52.42	$333,749,501 - $667,499,001	$1.31 - $2.62	$2.62 - $39.32
Fantasy:	$24,402,445,625	$95.83	$610,061,141 - $1,220,122,281	$2.40 - $4.79	$4.79 - $71.87

Disclaimer: A visualized outcome is one of many possible outcomes for an exploration project as it moves through the 9 stages of the exploration-development cycle from grassroots to a producing mine with failure as an outcome at any point along the way. The range of possible outcomes for the physical nature of a deposit shrinks after delivery of an initial 43-101 resource estimate. While the nature of the deposit constrains the range of mining scenarios, the cost assumptions will vary as the project moves through the feasibility demonstration stages of the cycle, which affects the economic value of the final outcome. This economic value will also vary according to the prices of the metals targeted for extraction which may change during the years it takes for a project to become a mine. An outcome visualization is thus a compilation of best guess assumptions for the key variables that drive the discounted cash flow model, the basis for assigning an economic value to a mine. An OV is not intended as a prediction, but rather as a framework that allows the incorporation of new information generated by the exploration-development cycle for the project into a valuation model on an ongoing, dynamic basis.

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Outcome Visualization Project as of Sep 11, 2024: Canalaska: West McArthur as Arrow Clone
Project:	West McArthur	Location:	Canada	Stage:	3-Discovery Delineation
Net Interest:	83.3% WI	Uncapped NSR:	8.3%	Target Metals:	Uranium
OV Project ID:	1000037	OVP Posted:	7/21/2022	OVP Retired:
Current OV ID:	1000097	Current OV Confirmed:	7/21/2022	Visualizer:	JK

Click here for Full Visualized Outcome (KRO Members Only)

Visualized Outcome: Canalaska: West McArthur as Arrow Clone
Canalaska Uranium Ltd announced a basement hosted intersection on July 15, 2022 while testing a conductor southwest of the 42 Zone which has sandstone hosted mineralization related to the structure that hosts the Fox Lake zone owned by Cameco and Orano. The Fox Lake deposits are about 400,000 tonnes of 7.99% U3O8. An OV created for West McArthur in 2016 visualized a McArthur River clone and used costs provided by Cameco in a 2012 43-101 report. McArthur River is mined at only 200 tpd because it is about 1 million tonnes of 16% and located at the unconformity which creates difficult mining conditions that entail very high costs. While it is possible the unconformity above the hole #67 interval may host a McArthur egress-style zone, for the sake of this OV a deposit similar to NexGen's basement hosted Arrow deposit (P+P 4,575,0000 @ 2.37% U3O8) but higher grade was visualized as an outcome and underground mined at 1,300 tpd using the costs presented in NexGen's February 2021 feasibility study.
Visualized Outcome Summary: Canalaska: West McArthur as Arrow Clone
Deposit Scenario: 5,000,000 t @ 2.50% Uranium
Mining Scenario: Underground 1,300 tpd 10.5 yrs, CapEx $975.0 million, SustCapEx $324.0 million, OpEx $290.00/t (USD)
LOM Payable: 269.0 million lb U3O8 uranium
Economic Outcome (USD): Revenue Model at OV designated Metal Prices
		Annual Average	Life of Mine (LOM)	LOM Stats
Recoverable Revenue:		$2,030,426,907	$21,395,436,319	$4,279/t ore Recoverable Value:
Smelter/Transport Costs:		$0	$0	0.0% of Recoverable Revenue
Gross Payable Revenue:		$2,030,426,907	$21,395,436,319	100.0% of Recoverable Revenue
Royalties:		($167,510,220)	($1,765,123,496)	8.3% of Gross Payable Revenue
Net Payable Revenue:		$1,862,916,687	$19,630,312,822	91.8% of Recoverable Revenue
Mining Cost:		($53,618,500)	($565,000,000)	32% of OpEx - $113.00/t ore
Processing Cost:		($61,685,000)	($650,000,000)	37% of OpEx - $130.00/t ore
Other Cost:		($22,301,500)	($235,000,000)	13% of OpEx - $47.00/t ore
Sustaining Cost:		($29,454,545)	($324,000,000)	18% of OpEx - $64.80/t ore
Total Operating Cost:		($167,059,545)	($1,774,000,000)	9% of Net Payable Revenue - OpEx - $354.80/t ore
Pre-Tax Cash Flow:		$1,695,857,141	$17,856,312,822	91% of Net Payable Revenue - $3,571.26/t ore
Taxes:		($673,398,449)	($7,090,151,385)	40% of Pre-Tax Cash Flow - $1,418.03/t ore
After-Tax Cash Flow:		$1,022,458,692	$10,766,161,437	55% of Net Payable Revenue - $2,153.23/t ore
Note: Concentrate transport costs, smelter treatment costs and retention are subtracted from recoverable revenue to get gross payable revenue to which the uncapped royalty rate for the project is applied. The annual average of LOM sustaining cost is expensed as an annual operating cost. Annual average figures reflect full production years.
Economic Outcome (USD): Royalty Model for 1% NSR at OV designated Metal Prices
Mine Life:	11 years	Startup	NPV 5%	NPV 10%	NPV 15%
Annual Avg NSR:	$18,629,167	Now	$142,574,268	$107,251,929	$83,171,629
LOM NSR:	$196,303,128	2030	$106,391,114	$60,540,918	$35,957,391
Economic Outcome - Discount Rate: 8.0% - CAD AT NPV: $7.7 billion - Good Speculative Value
Gross Rock Value (USD/t):	$4,389	Recoverable Rock Value:	$4,279	Payable Rock Value:	$4,279
LOM Net Payable Revenue (USD):	$19,630,312,822	LOM PT Cash Flow (USD):	$17,856,312,822	LOM AT Cash Flow (USD):	$10,766,161,437
USD Pre-Tax NPV:	$9,990,153,113	Pre-Tax IRR:	173.9%	Pre-Tax Payback:	0.6
USD After-Tax NPV:	$5,664,863,961	After-Tax IRR:	104.8%	After-Tax Payback:	1.0
CAD Fair Spec Value Low:	$192,449,591	CAD Fair Spec Value High:	$384,899,182	CAD Implied Project Value:	$173,162,012
Price Target if Visualized Outcome delivered by Expl-Dev Cycle without dilution: CAD $30.23
Fair Speculative Value Stock Price Range: CAD $0.76 - $1.51
MSV (Market Cycle S Curve): Market Speculative Value represents the typical market pricing pattern of a new discovery as it moves through its exploration-development cycle. The irrational pricing behavior of the yellow channel contrasts with the fair speculative value of the blue channel as defined by the rational speculation model because during the pre-economic study stages there is great uncertainty about how big the discovery will turn out.

Fair Speculative Value Ladder

USD OV NPV	CAD OV NPV	Exch Rate	Diluted	Net Interest
$5,664,863,961	$7,697,983,637	1.3589	212,098,000	83.29%
Project Stage	Uncertainty Range	CAD FSV Range	CAD FSV per Share Range	CAD MSV per Share Range
Grassroots	0.5% - 1.0%	$38,489,918 - $76,979,836	$0.15 - $0.30	$0.30 - $0.76
Target Drilling	1.0% - 2.5%	$76,979,836 - $192,449,591	$0.30 - $0.76	$0.76 - $1.51
Discovery Delineation	2.5% - 5.0%	$192,449,591 - $384,899,182	$0.76 - $1.51	$1.51 - $22.67
Infill & Metallurgy	5% - 10%	$384,899,182 - $769,798,364	$1.51 - $3.02	$15.11 - $30.23
PEA	10% - 25%	$769,798,364 - $1,924,495,909	$3.02 - $7.56	$7.56 - $22.67
Prefeasibility	25% - 50%	$1,924,495,909 - $3,848,991,818	$7.56 - $15.11	$7.56 - $15.11
Permitting & Feasibility	50% - 75%	$3,848,991,818 - $5,773,487,727	$15.11 - $22.67	$7.56 - $15.11
Construction	75% - 100%	$5,773,487,727 - $7,697,983,637	$22.67 - $30.23	$15.11 - $22.67
Production	100%	$7,697,983,637	$30.23	$30.23 - $37.79

Market Speculative Value Stock Price Range: CAD $1.51 - $22.67

Warning: while the market spec value (S-Curve) and fair spec value channels presented in project value terms track the evolving expected ultimate outcome value, when presented in stock price terms the expected stock prices are subject to dilution through future equity financings or project interest farmouts.

Alternative Metal Price Scenarios
	Metal 1	Metal 2	Metal 3	Metal 4
	Uranium
Spot:	$79.63 /lb U3O8
OV Assigned:	$79.63 /lb U3O8
Pessimistic:	$50.00 /lb U3O8
Optimistic:	$125.00 /lb U3O8
Fantasy:	$200.00 /lb U3O8
Note: for Metal 1 pessimistic, optimistic and fantasy price scenarios, OV assigned prices are used for Metals 2-4

Economic Outcomes with Alternative Metal Price Scenarios
	USD PT NPV	USD PT IRR	USD AT NPV	USD AT IRR	AT Payback yrs
Spot:	$9,990,153,113	173.9%	$5,664,863,961	104.8%	1.0
OV Assigned:	$9,990,153,113	173.9%	$5,664,863,961	104.8%	1.0
Pessimistic:	$5,535,442,198	102.8%	$3,081,131,630	63.3%	1.6
Optimistic:	$16,811,288,253	282.8%	$9,621,122,342	168.0%	0.6
Fantasy:	$28,087,134,308	462.8%	$16,161,113,054	272.4%	0.4

Fair Speculative Value for Alternative Metal Price Scenarios
Stage: Discovery Delineation - 2.5% - 5.0%
	CAD AT NPV	CAD Target Price	CAD FSV Range	CAD FSV per Share Range	CAD MSV per Share Range
Spot:	$7,697,983,637	$30.23	$192,449,591 - $384,899,182	$0.76 - $1.51	$1.51 - $22.67
OV Assigned:	$7,697,983,637	$30.23	$192,449,591 - $384,899,182	$0.76 - $1.51	$1.51 - $22.67
Pessimistic:	$4,186,949,772	$16.44	$104,673,744 - $209,347,489	$0.41 - $0.82	$0.82 - $12.33
Optimistic:	$13,074,143,151	$51.34	$326,853,579 - $653,707,158	$1.28 - $2.57	$2.57 - $38.51
Fantasy:	$21,961,336,529	$86.24	$549,033,413 - $1,098,066,826	$2.16 - $4.31	$4.31 - $64.68

Disclaimer: A visualized outcome is one of many possible outcomes for an exploration project as it moves through the 9 stages of the exploration-development cycle from grassroots to a producing mine with failure as an outcome at any point along the way. The range of possible outcomes for the physical nature of a deposit shrinks after delivery of an initial 43-101 resource estimate. While the nature of the deposit constrains the range of mining scenarios, the cost assumptions will vary as the project moves through the feasibility demonstration stages of the cycle, which affects the economic value of the final outcome. This economic value will also vary according to the prices of the metals targeted for extraction which may change during the years it takes for a project to become a mine. An outcome visualization is thus a compilation of best guess assumptions for the key variables that drive the discounted cash flow model, the basis for assigning an economic value to a mine. An OV is not intended as a prediction, but rather as a framework that allows the incorporation of new information generated by the exploration-development cycle for the project into a valuation model on an ongoing, dynamic basis.

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