Ann: Investor Presentation , page-4

Looking forward to the initial resource estimation.

In my totally uneducated opinion, if I do a few back-of-the-envelope calculations, i.e:

-240 drill holes on a 100m x 100m grid, as stated in the latest presentation, which would cover an area of 2,400,000 m2

-assume an average thickness of 2m, that gives us 4,800,000 m3

-assume a density of 4 t/m3 (is probably higher in reality), that gives us 19,200,000 t

So, I would expect the initial resource to be in the order of 20 million t. While this would by no means be a large resource, it would still be worth $1.6 billion if you assume $80/t. Lots of assumptions...

And this is only the very first drilling. It is reasonable to assume that there will be far more with future drilling.

However, the company will have to raise capital early next year to fund further drilling. To really get things moving in the future, this project would have to spark interest from someone with deep pockets.

At this stage, I think that Nemex is a very solid little company that has made very good use of their capital.