2.90 equals 1,000,000,000 market cap, page-95

Looks good Biggze


Just going through the reports that CP kindly forwarded.

Bells have calculated an NPV around a resource with a virtually exact same tonnage as Corona suggested. 52000t Ni and 24000t Cu.

Within that they break down a pre-development NPV into 83c for those tons and 64c for everything else.

So if in a fuzzy projection the 64c stays fixed, then at $3.00, if the calcs are constant, the orebody needs to be about 150000t Ni and 70000t Cu.

So if you want to go with Bells inputs and a simplified and fuzzy extrapolation, and take a 3% grade for the Ni only, then you are looking at 5Mt to be discovered for a $3 share price.

Interestingly Bells have forecast mining to start in FY 2015. Optimistic perhaps.

I think Bell's inputs are generous and wouldn't plug into WSA's NPV, which clearly looks undervalued by comparison.


Hartley's report was done later than Bells and based on geophysics and drilling, projects a global resource of 14Mt @ 3.7% Ni eq for a current NPV price target of $3.58. They have a linear correlation of tons (up to 30Mt) with share price, which relate to an IGV of just under 10%.

A fair bit of difference there with Bell's estimates very toppy, IMO, at nearly double that of Hartleys (so what chance does anyone here have to agree with each other?????)

Hartleys look a bit more tuned into a real possibility as recorded by SFR. But can someone please remind me why one Ni deposit should be loved so more than any other. Poor old WSA.

The fireworks will continue if they discover a Canadian style Ni province of 100Mt or more. With so many unknowns at this early stage one could probably do just as well reading tea leaves.