Moving Forward, page-5

I haven't been reading much re ECT lately. I just read that latest article above thoroughly. It's easily the most concise, important article ECT have ever published imo. Combined with a signed MPA etc, imo this article tells you succinctly enough to confidently invest heavily in ESI. Land at NLC for the first 3m tonne pa (still only 1% of projected output) More land available. Australia only produces 6mtpa.

The Article shows imo why the Indians must have Matmor no matter what. That 75/25 split ECT's way mentioned somewhere (about to be modified?) is believable when you read the Matmor Madness potential. Have the Indonesians been watching in the wings with another offer? They are just as attractive for Matmor as India is. Nickel price per tonne US$14,000. Hmm, waste product nickel tailings as a Matmor feedstock. Even "ethical" investment funds could be potential investors.

I have always thought the Matmor scaling up risk was the greatest risk - still do, but I now reckon the Indians have the view..."it's gunna work because we MUST make it work IE... scalable....failure is non negotiable". So the Indians are contributing about $20m - that's massive $ there. Plenty of NLC NMDC directors are going out on a limb here. It will be career make/break for some. They must tweak Matmor so it's scalable.

Im beginning to think $500m market cap...10c is very possible on construction starting (I was thinking 6-7c). Matmor is clearly a potential game changer in India, Indonesia, Eastern Europe etc. If you were an Indian steelmaker - imo you would seriously consider taking a 10% at 6-7c . If that occurred then 10c is not far away. Get Bacchus Marsh operating as a commercial enterprise & 10c on Indian construction is very achievable....all imo.

tick tock...