Excelsior Mining (TSX: MIN, OTCQX: EXMGF) remains one of the MJG partnership’s longest held investments – with first shares purchased in July 2014. Our initial investment in Excelsior came on the heels of the 2014 Prefeasibility Study which outlined an after-tax NPV10 of US$655m, an after-tax IRR of 44.7%, an after-tax payback of 2.4 years, and a reasonable initial capex of US$284m for the proposed ISR operation at Gunnison. At the time, Excelsior had a valuation of roughly US$40m, or a meagre 6% of after-tax NPV. (PFS stage projects with comparable economics are