A possible analogy to Gold Mountain (should a major discovery be made) is SolGold (LSE:SOLG, TSX:SOLG), with the discovery and evaluation of their Cascabel project in Ecuador, with the Alpala deposit having total Resources of 2.95 Bt @ 0.37% Cu.

Given the results of the 2018 work programme, we expect another concerted effort in 2019 (including expected drilling at Zackly NE and Mars), with all indications that this will again bring very positive news; in addition nearer term news flow should include further drilling assays from Zackly and results from the Moonwalk geochemical sampling programme, as well as the Zackly MRE update in early 2019.

The Julia Creek Resource is large, and should work lead to a potentially viable operation, should be able to support such an operation for a considerable timeframe; in addition the resource is shallow with the potential for open cut mining -There will be an active work programme initially leading towards the completion of a Pre-feasibility Study (“PFS”), which will result in a steady news flow -

With an enterprise value of only A$3.22 million (significantly lower than that of peers), the Company is well leveraged to any success in either Daejon or V-KOR. Due to structural changes in the markets and growing demand leading to supply deficits, recent months have seen very strong price rises for vanadium. Despite generally being under the radar, South Korea has a history of mining, with a well developed law and supportive Government agencies.

We have a current base case value of A$1.75/share for Sheffield, with the majority of this ascribed to our risked NPV8 valuation of Thunderbird. Our per share valuation is based on a share structure diluted for equity raised for the development of Thunderbird. The current deep discount in the value of Sheffield to the expected value of Thunderbird, that the Company or the Project make an attractive takeover or acquisition opportunity.