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Furthermore, we will assume a 3 month LIBOR of 2% for the debt component, and we will present our numbers in C$ to facilitate comparison with the FS. And finally, we will adopt the projected number of C$369.6M for up front capital quoted in the FS for the time being (but revise this number to account for reality as we proceed).The Royalty Franco Nevada (FNV) already owns a royalty on the Dublin Gulch property, and this royalty is already accounted for in the economic analysis included in the FS. We note that the FS calculates this royalty as a flat 1% on revenues after refining costs; however, in actual fact, this royalty only reduces to the 1% level from an initial 2% after payments of $1M to Franco Nevada.

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