NORTHERN SUN MINING CORP LBEFF

RE: Liberty Ships Concentrate to China

[Aubagger]

Here is my little calculation: 40 tonnes every second day 0.19 (min. grade)* 40 tonnes =7.6 tonnes = 16,755 lbs every second day for a year (365/2 )* 16,755 = 5319712.5 lbs Price current from kitco.com not counting 3mo forward https://www.kitcometals.com/charts/Nickel.html 13.68 USD/lb So we get 72,773,667 USD/annum just for nickel. Current market cap as per stockhouse: 182,632,421 CAD which is about 2.5 times revenue from nickel with conservative exchange rate 1CAD=1USD. Can anyone tell me what would be a good average PE for a company of this caliber? Thank you Aubagger that shipments of nickel in concentrate from the Redstone Mill ("Mill") are on route to China. The first shipment of containers with approximately 40 tonnes of concentrate left on Monday July 30. The second shipment left yesterday in accordance with the current shipping schedule from the Mill on every second day. Liberty invoices for 70% of the value of the contained dry nickel when the shipment leaves the Mill. The 30% balance owing is settled within 45 days of the date of shipment. The settlement price is the average of the spot and three month forward buyer LME (London Metal Exchange) nickel prices. A minimum of two containers constitutes each shipment from the Mill. Containers are gathered near Toronto then loaded onto railcars where they are transported to Vancouver. The containers arrive at the Port of Dalian by boat and are then transferred to railcars for shipment to the smelter of Jilin Jien Nickel Industry Company Ltd. All equipment in the Mill is running well and our personnel are adjusting nicely to the challenges of operating it. The concentrate grade currently being produced is in the range of 19% nickel to 22% nickel, which was expected from previous metallurgical tests. Full details of the operations of the Redstone Mine and Mill will be presented in the quarterly financials. Automation is being installed in the mill building to enable the processing to be controlled by computer; the crusher building automation was completed last month. The copper circuit and the platinum/palladium gravity circuit are scheduled for installation this fall. That will enable a separate revenue stream to be established from credits for these metals. Liberty is now an independent producer of nickel in concentrate which is a worldwide saleable