up 5+% today...another good ann ???, page-3

npv of $0.86/share but ni trading 26% higher It is very interesting that the Sally Malay project alone values SMY at 86c per share based on a Ni price of A$15665.

HOWEVER, the 25% of production that is hedged in 2004 will receive A$15801 and the 75% of production unhedged in 2004 will, based on current cash prices, receive A$19717.

As a rough guide, these prices must revalue SMY around $1 WITHOUT taking into account any resource upside from Copernicus prospect.

SMY is current trading at 75c up 7 per cent today...any price in the 70s or 80s is looking very cheap...quite possibly in the 90s as well !!!!