Magpie 43-101

There are two timing issues with the Magpie to consider:

1) It's likeley that Granger and Smith want the rumored Chinese signed on before the IPO.

2) Magpie IPO needs 43-101. The 43-101 writing is out of FNC's hands and it will be on the timing of the independent writer. Could be 2 weeks, could be 2months.

My comment: I see no reason both can occur concurrently: submitting 43-101 to be written while offering offtake proposal. The sooner they submit it the faster Magpie can proceed. But prior to IPO, we will have assays, Fouad's report, perhaps offtake signing, Fermont updates.

-sg