$10m net profit after tax + $15m foregone 03/04 to

I am impressed. Looks a great quarterly report - MCR with multiple Nickel mines will shine over the next few months and grow and grow for some years yet.

QUARTERLY HIGHLIGHTS

Strong end to the Financial Year, with likelihood of record full-year net profit after tax of between $10 and $11 million. Revenue foregone due to the (now terminated) project finance hedging is estimated at $15 million.

Major operational changes successfully implemented at Miitel and Wannaway on 1 July – new mining contractor, new shift structure and new continuous roster system.

Manpower shortages now largely resolved through implementation of continuous roster processes, allowing access to state-wide skills base.

South Miitel diamond drill intersection of 1 metre at 3.3% nickel indicates strong likelihood that ore systems continue to South – electro-magnetic follow-up being conducted.

Exciting drill results from Wannaway, follow-up drilling in progress.

Good exploration progress at Redross and Jeremy Dee – follow-up drilling planned.

Excellent progress on all development projects – first ore production imminent from Redross, Mariners de-watering well-advanced, steady progress at North Miitel.