valuation, page-5

Thanks tfe,

I do not have any programs to utilise for this type of calculation.

The only system at my disposal are companies that I consider in similar fields and situations and with POS I used SIR.

Two banks CBA and Macquarie both value this company at around $2 unfunded with considerable upside funded. This is supported by some analysts.

CBA actually invested on market at $1.90-$2.40 in August.

SIR require funding of near $500m and even with a total share issue of 320m the value is quoted $3.00.

Mine life 10 years AUD 90% and nickel price averaged $10US based on the mine life.

Your valuation of POS is certainly going to terrify some who are already running scared.

Col