Risks, page-26

I would say that the report doesn't change any of my views..

it's basically all about showing off new employees and talking about capital raises.

Everything is still pretty much an idea regarding Nachu.. worth noting that Magnis is in off take agreement talks but they have had off takes for this project before and squandered it by never developing the project. Poor jurisdiction. Some saying it's better now. No infrastructure. Etc.

They spent 9 million on Nachu as stated in the annual report but what on? 9 million for water bores and tree chopping and some road works. If they built a little bit of roading then where is it? and how many kms? Why not post an aerial view of the tenements? Or people working on the site? That is a lot of money spent on basically nothing.

They have only one employee on the board that has any experience in mining. He is also a director for another exciting nickel company ADD so I question his ability to progress Nachu. Not because he isnt experienced but because of his commitment to ADD. Interesting that Rod was once CEO of Magnis and has been demoted.

Successful mining companies usually will show photos of the work done, that's what you do when you are proud of your achievements/progress.

Nachu is 220kms from port with no roading in place near the project.



important to note that magnis have excluded any photos, including this basic photo which you'd expect to be included, rather than just a hype paragraph on the project.

it will take significant funding and time to set it up for production.

Many invested will tell you it's 'shovel ready' I'm sure you can work out for yourself that this is far from true.

So on second thought I'd say it confirms my views.