anyone watching, page-8

To the doubters:

MKT Cap $55M

Cash and Eqiv: Approx. $25M (this includes an 8.5% holding in COK)

This places a value of $30M odd on the following assets:

Nickel-Cobalt Flagship commodity 100% NORNICO (North Qld Nickel Cobalt)Situated between Greenvale & Mt Garnet NQld

Nickel-Cobalt 100% Lucky Break - JV with Metals Finance Corp (MFC) Earning 40%

Thermal Coal 100% MetroCoal Projects - Ipswich, Surat and Injune

Bauxite (40%, Possible IPO, or Equity Partners) Weipa Bauxite project through 40% interest in Cape Alumina

Limestone 100% Close to Townsville & Gladstone and NORNICO

Scandium JV - (MLM~80% Straits~20%) Within Kokomo Ni-Co project-Straits earning 70%

Zircon & Rutile JV (100% possible dilute 30%) Weipa HMS project - JV Matilda Minerals Ltd earning 70%

...DYOR.