At PDAC 2015 CME -UBR and RRS start together at starting line with all a silica deposit in Quebec.

Each deal decided a different business way to give value to their shareholders.


RRS - PEA

On the way to define a resource- 

Charaterization done with Anzaplan

Suppose to deliver a PEA for September -

Look like deposit don't have HPQ

Looking for a small business like SITEC

As A PEA take about min 4 to 6 months to be deliver - look that will be difficult to have it for September if contract for it not give now.

Question is: Is they will do one with what they know today after Anzaplan and driling campain?

UBR - PEA

UBR start drilling his resource - a first step to produce a PEA - Resource should be known during summer - As my source - IT is a very hight purity one -low tonnage - max 500k ton

As a PEA to built a plan or project to tranform quartz into silicon metal need to define the technology and establish the design and cost of the plan; PEA will be able to be start defore the company has completed his pilote phase with Succes.

UBR already face delay in LAB test that will probably postpone the prototype ( phase 2 )to be deliver this year.

Next step - if they succeed phase 1 and 2 will be to finance a pilote phase - built it and run it with success then produce a PEA.

As the technology is not proven -  UBR will have to go through PFS ( min 1 year) phase before doing a FS ( another year)

I let you speculate on the timeline

CME has his PEA

CME choose the traditional way. A proven resource - transform it in a traditional way.

They were the only one to have a silica deposit that was already in production in the past for ferro alloys.

They attracted world class management.

The focus was to bring short term value without risk - Key was Quebec low electricity rate.

A year later - CME with less than 45m shares out has already a strong PEA published and a market cap value (20m) represent only 2% of the NPV (675m).

CME alredy Started his environmental study in jun 2015 - a 27 months process.

As the technology is proven - they can go immediately to the Feasability Study ( 5m cost ) - 

Also because it is proven technology - equipment smelter co finance aroud 60 to 65% of the project with garantee loan - SMS Demag in Germany and Tenova in Italy
 
If CME deliver his smelter Silicon metal plan;and it is looking good;  you can expect a 1/2 b market cap phase 1for 2019 and 1B phase two without any technology risk.

I just want to remember you that present market cap in under 20m.

 At PDAC 2106 ; a guy working for the Financial Post told me that in 40 years experience; i never see a so experience team for a junior company.