not without additional risk as the grade is on the, page-29

Capman,

I keep a fairly up to date spreadsheet model for about 8 nickel stocks.
*I only model Avebury for AGM
*In looking at forward PE, I also look at projected cash position of the company (ignoring divi payouts, and ignoring expansion investments, just stay put CAPEX).

On this basis (using my assumptions) I can't help but see better value in MCR than AGM atm, although AGM still looks a sweet investment. I agree that MCR doesn't look so flash on PE longterm if you look at Ni reverting to 6usd/lb or less, but the cash generated meantime is huge.

I am a longterm holder/aquirer, with a 5+ year bullish view on the pon, missed the last dip, so will patiently wait to top up, or more likely buy something completely different (as currently circa 40% nickel stocks).

EL