Ann: Half Yearly Report and Accounts, page-6

I don’t expect management to do a cap raise until post releasing information/results on cosmos, as they have enough cash to conduct the magnetic airborne survey over the tenement and then to conduct four diamond drill holes for their maiden drill campaign at cosmos as outlined in previous asx announcements. In fact, I’ll be disappointed in management if they do so as the name of the game is to do cap raises at incrementally higher levels than the previous raise I.e not to raise money at suppressed share price levels that we find ourselves in atm as this causes significant dilution and costs existing shareholders lots of money. Don’t forget there is high insider ownership here so they want to avoid the above scenario.

Based on the announcements released thus far, I think once the option agreement is ratified tomorrow it will be all systems go. Management have stated that the maiden drill program at cosmos will be conducted in March so they must have the contractors ready for the survey and drilling on stand by (this sounds a bit optimistic though and probably not realistic) but let’s see what they say tomorrow. After the last campaign, management have a lot to prove here so lets narrow down those targets and find me some nickel. Once we hit high grade nickel (here is hoping anyway) then the share price will be a lot higher than where we are today. That is when you do a cap raise to fund the next round of drilling. Anticipation is starting to build and looking forward to the announcement tomorrow. Cheers CP.