Price Target to $3.00 from $2.50

• We assume a 10,000tpd operation that is expanded in year 5 to a 20,000tpd
operation based on the 4.3MMoz resource at 1.02g/t (0.5g/t cut-off). This
results in average life of mine production of 184koz with cash costs of $791/oz
and attributable NAV of $201MM at 9% and $1,400/oz gold.

• Our target price is based on a 50/50 blend of 1.0x our NAV of $3.00 and an
AMC/oz multiple of $34/oz, in line with the peers.

• Trading at a discount: Based on the 4.3MMoz resource at 1.02g/t, Probe is
trading at $25/oz. Peers are trading at $36/oz and Prodigy Gold was recently
acquired for $43/oz.