20c, page-4

I think it is important to ask ourselves why the company has decided to go drilling at Conceicao Nickel-PGM project at this point in time. They are choosing to spend money and remove a drill rig from what is clearly turning into a high probability larger and more profitable mine at Pedro Branca that originally anticipated.

Pedra Branca is looking like adding approximately 130,000 tonnes to the existing "...Copper Equivalent2 of 773,000 tonnes of contained Copper at an average grade of 1.48% Copper Equivalent2, far exceeding the programme target." (from Septenmber 27th report)./ This will take possible JORC up to circa 900,000 tonnes contained. There is a real possibility that we'll hit the magical one million tonnes contained prior to the AGM in four weeks time.

So with these fantastic results coming through, why move a rig and money down to Conceicao? Yes, the option would have expired if AVB didn't act but nonetheless I do not believe a management team that has been so "lean and mean" when spending shareholder dollars would make this choice lightly. Hence, I strongly believe the company has enough data at hand via the already completed soil sampling and geophysics programmes to conclude this is an essential endeavor. Once again, we should know something before the AGM.

If the surmise is correct on 900,000 tonnes equivalent this takes the in-ground valuation up to approximately $225 million as at current prices and Bell Potters formula of 3% of copper. This equates to 19.5c, add the next hole etc and we are growing further. Get that PFS done and have a clear path to mining and double it? 40-50c by xmas is no longer so fanciful!

Congratulations to the crew at AVB and to us longterm believers :)