Ann: Isabel Nickel Project Maiden Mineral Resource Estimate, page-16

Well Axiom has delivered on everything they said they would and that is within their control:

• Appointed board and management team;
• Drilled out great grades
• Secured the San Jorge exploration licence
• And delivered the JORC
• Yes, no appeal judgment yet but that is in the hands of three wise judges…..

I have seen some complain about this JORC but they obviously are not doing the numbers or understand the exploration / development process. Some points to consider:

• To get a JORC in the first year is impressive.
• This is a massive asset so it will take a fair bit of time to drill out.
• No doubt once they have the judgment out of the way they will be more efficient in drilling although that last 5000m was done fairly quickly.
• There is 2mt @ 1.7% (plus half of it is in measured category)! = revenue (when mined) in today’s very low prices of USD100m! (AUD144m!!!)
• They continue to state they will prove up 3 to 5 years of production by the first shipment of this year……

So, based on today’s announcement, the JORC makes us immediately profitable i.e. covers both the CAPEX and OPEX in the first year! And we did this all while being constrained on funding and still fighting Sumitomo.
They are doing another 5000m which base on their wording would assume upgrade the resource estimate this year….
We all know from previous operators that this is large – this JORC now allows the company to speak to the larger fund managers who can only buy miners with JORC’s.

I reinforce the point in bold.

JORC is a necessity for ASX co.’s and I know most other Ni laterite miners don’t bother doing. JORC requires extra expense which Axiom have now done.

I expect the JORC to be update every two months from now on and in much larger size once they have the judgment out of the way in their favour i.e. they will be drilling with move rigs on more Exploration permitted areas (eg San Jorge). Bring it on !

And I am informed that the density at these early stages can regularly be upgraded as the JORC is more defined. I see they report the density has been calculated conservatively.

Also note the significant amount of resource in measured category. Rarely do you see a jnr miner/explorer with much measured as they usually have predominately inferred. Shows me these guys are serious about mining this project this year.

Page 3 also states 1.09mt of high Grade Saprolite @ 1.89 % Ni.

Take it as you may, what we have here is another box ticked on our way to becoming a producer.
The decision is out of all of our hands and we all continue the wait. know that our asset is continually growing and will be reported accordingly.

On a final note,
i will mention that SMM have "other" nickel Assets in SI that are up for renewal soon......
Lets just say i suspect the locals would prefer a meat pie over Sake....

GLTA,
should have used water base and not oil based paint.