Ann: Met Tests Confirm Beneficiation of Lower Grades at Bardwell, page-42

I can’t answer your questions in too much details, too busy at work atm. I’ll do my best. I'm just going to ignore the trolls at this stage and focus on real questions about the project. Not worth my time.

Just to put Mt Keith in context, you can see it nearly from space:

Zoomed in

Mt.Keith - has 260Mt @ 0.52% Ni(economically extractable).With total resources of 477 Mt (cut off of 0.4% Ni). In 1971, the mine was thought to be able to provide 10% of the world's demand for nickel.

This is a low grade bulk mining operation.The ore reports as disseminated or massive. Disseminated - Amongst or in Olivine. Massive -as cumulate basal feature. More weight is given in optimisation to a sulphide bearing ore, for obvious reasons.

The Pit is 2.4 kilometers long by 1.4 kilometers wide by 300 meters deep. The ore body (as distinct from the pit size) strikes for 2 kilometers, averaging about 100m in width, to at least 500 meters deep.The depth of weathering is up to 120m over the mineralized olivine mesocumulate. BHP earned a record $US3.7 billion ($4.3 billion) from its nickel division last year, this of course includes it’s other operations. I could find a NPV for Mt Keith, but I'm sure it's out there. Looking at other projects, it's billons.

Here is cross-section looking at the depth of weathering:

If we compare to what ASO is telling us about Bardwell – its strike length is >2km, mineralisation is to a vertical depth of 680m. On the leapfrog model and based on what management have said in interviews it’s about 300-500m wide. It grades between 0.3-0.6% Ni. So probably an average grade of 0.4%. The shallowest I’ve seen the mineralisation from is from 67.5 meters, so shallower than Mt Keith in parts. If we compare most factors here, they are remarkably similar, in some regards better. However, ASO does not yet have a completed resource, so these are interpretations at this point.

In regard to your question about SP – the market has been decimated in the first part of the year, ASO was not spared. However, I suspect the top shareholders have not moved much, they understand the value proposition here. I tend not toworry about the SP, but the project. If they have another Mt Keith, the NPV will be in the billions. The market will rerate the company in time, if they keep delivering real value - a robust project. There is also exploration upside.