agm might provide an update, page-11

"not long now and money will be flowing in
bring it on"

From Quarterley activities report-

"As a broad rule of thumb, the pricing of nickel laterites fob2/dry from the Philippines is 10 times the nickel grade. Therefore 1.0% Ni grade pays 10% LME, 1.5%Ni grade pays 15% LME etc. So a 1.3% shipment at 30% moisture, at a nickel price of $US30,000/t LME would be $US35.49 per dmt3. Currently lower grade laterites are being bid at a 1 to 2% discount to this pricing mechanism due to recent increases in shipping costs. Rusina/DMCI have current firm offers at discount prices for material presently stockpiled at the Santa Cruz port for delivery in November."

From yesterdays announcement-

"....first shipment of 1000 tonnes @1.8%..."

We can workout how much this shipment is worth-

$28300 X 18%= $5094/tonne

1000 tonnes @ 1.8% contains 18 tonnes.

$5094 X 18 =$91000

This is a maximum figure, we havent been told how much of a discount it was sold at. Obviously a substantial discount to compete with ore already on the docks in China that looked like being dumped as landfill.

Now lets deduct expenses and halve the profit...

GOODNESS- THERE IS NO PROFIT!

Thats RMLs story Im afraid...no profit!