Ann: Change of Director's Interest Notice - D Lougher, page-7

Well positioned for a nickel run that never appears to eventuate LOL. Share price is reflecting that.

I think there is some inherent risk built into the share price with Cosmos, high capex for deep mining where the geotechnical risks will require careful management. I remember when AM5 was being mined, it mined itself and that sits a lot higher in the mine. So I hope Dan and co have got it right.

That nickel field has a lot to give, however the ultra-rich prizes Cosmos was discovered on have a very small footprint. The massive sulphide lenses below Odysseus are reflective of the tenor Cosmos can yield. I think they'll find they are less continuous than drilling indicated, but at that grade don't need much.

In saying that, grade is king in my book and WSA delivers that in spades from Forrestonia - a new discovery will be required there soon as the operation matures. I soaked up the $2 shares when prices were really depressed and $4 would not be unreasonable when Nickel ACTUALLY runs.