agm is a strong buy

At the risk of doing this one death here is my take on the earnings/share for AGM taking into account only Avebury (ie no account for Melba Flats, Bison or Saxon.

Nickel Price ($US/t) EPS After Tax & Interest ($A)
16000 0.09
20000 0.13
25000 0.19
30000 0.24
35000 0.29
40000 0.34

The following inputs were used:
Ore Throughput 900kt/a (capacity of mill)
Average Ni of Ore 1.14% (Avebury avg)
Average Ni Recovery 84% (Hellyer trial)
Production Cost $A63 /t ore processed (presentation 31/5/06)
Concentrate Price 80% of Ni price
Tax 10% (Minimal tax due depreciation etc)
Tas Govt Royalty 5%
Bank Loans $A40m ( Capital equipment & contingencies)
Shares on issue 695m

Hence with a Ni price of $30k the EPS is $A0.24,
which equates to SP of >$1.50. My view is AGM is a strong buy.