Ann: Quarterly Activities Presentation, page-3

I'd love you to be right, but I think that pricing is optimistic. Remember the NPI pricing lags by about a month, so the 3 months you need to look at are Aug-Nov. My casual, first of the month, pricing in those months are (per US$/tonne Ni) is US$17650, 18,700 and $19,300 giving an average of US$18,550/t Ni. From that you need to subtract 15% VAT, meaning a price of US$15,768 . This might even be a touch lower than what was received in the last quarterly. The upside is going to be in the processing cost, particularly for Angel. The pricing of product from the Hengjaya mine will also look nice, but this is a minor component of the overall revenue. All that said, I believe EBITDA will be >US$70M in the past quarter, with the next quarterly shaping up nicely to be on track for >US$80M. My one main caveat is that I have not taken into consideration the change from NPI to matte in 2(?) of the RKEF lines.