Ann: Sinclair Nickel - Talisman Maiden JORC Mineral Resource, page-21

A few years ago I wanted to get my mind around what a resource is worth in situ. My eyes glazed over thinking about capex and opex, commodity price etc so not being a genius I came up with a back of the envelope method, which will certainly not be right but at least gave me an idea that was better than nothing. That is simply to take the resource at current price, convert it to AUD and take 5% as the value. This was also predicated on the proposition that a miner wouldn't bother getting a JORC resource unless there was the possibility of at least that outcome.

Thus my calculation for Sinclair are as follows:
Current nickel price US$12800 pt, divide by 72 (USD conversion) x 100 = AUD $17,777
Advised resource of 16,200t x $17,800 (approx) = $288m (approx)
5% value = $14.4m
@185.7m shares = $0.0775

Cheers