dml valuation for mid 2012, page-17

Bdell,

Another comment of valuation.

Zeta will not double company value. The fairfax note I posted suggests a 50% increase in ore mind and assuming the better grade covers the higher cost then I would be happy with a 50% increase in value once Zeta underground starts up and we get 4.5mtpa compared to 3mtpa used in BFS.

I fully agree with positive sentiment but we must understand the potential from these levels. Somehwre around A$2.50 can make sense and at those levels it would be a great exit point. A$5+ well maybe when they are mining from Besoto, Ophion, Dikoloti Nickel and have released a DFS for the manganese project. That is a long time in the future.

BR
Max