Ann: Financing Secured to Progress Kabanga Jirani Nickel Project, page-14

Lake Suprise is also close to existing BHP assets and the strategy might be for a BHP takeover. There is a risk that Adavale just don't find anything and run out of money to continue drilling. I am not sure if Adavale applied for the BHP Xplor program but that is not necessarily a bad thing. Tanzania is a risk but continued BHP investment in Kabanga (US$100M) is helping with confidence. BHP’s purchase of a stake in Kabanga values the project at US$658 million. It is impossible to value Adavale at the moment but at US$50M, if they can find nickel, the SP would be around $0.14.