gut full, page-5

listen friends, the Mt Thisty project is worth a lot more than Fission paid, even with the bonus issue to Le Page.

Refer to the expert report.
Frankly I am amazed they got it so cheap, so if you pay a guy $2million to grab a poject the quality of Mt Thirsty for a mere $8million, and that project could be worth $50million , whats the problem. Existing shareholders are winners.

Remember Le Page sold out his share of the project at a discount to do the deal anyway , and didn't take cash but FIS shares which means less cash for FIS to raise. Good luck to him. They were trying to float this project in March, fortunately for FIS/TAS they couldn't and we own it



Its a great deal for FIS/TAS

Cobalt is the sleeper in this project. Every hybrid car uses 2.5kg of cobalt. Plug in electric cars use more with lithium ion batteries. Mt Thirsty is unique in the world because of its high cobalt grade AND the ease at which the cobalt is leached from the deposit due to unique characteristsics of the deposit. Even using a cobalt price 30 % less than the current high price, this is a very robust project that could deliver very strong cash flows

The volume ramp up in hybrids and plug ins will start in 2010, about the time Mt Thirsty should be in production, all things going well of course and the heap leach working

Cobalt demand will be robust, trying to put a figure on the price is impossible. But from a probability point of view its likely the price will be over $50 a pound. Put that into your spreadsheet and see what it does to the cash flows.