Ann: Investor Presentation - Fast Tracking Nickel DSO Projects, page-30

Ni Future, I'm not a shareholder in PNM but I might be soon. I was a shareholder in AVQ but I knew the risks and have no issues with what occurred. Investing in any junior explorer is risky and not many actually make it into production. Nor to I blame other people for my investments good or bad, unlike the sad bunch that comment in here from time to time, Piast to name one.

Net payback will be pretty quick, but maybe not 12mths. I can tell you now they will not get 1.3 Mt mined, stockpiled and shipped in first year, I reckon it will be more likely 800k tonnes. It will take time to get those SI teams up to speed even if they are using a mostly expat transhipping services in the interim, mobilise tugs and train the fleet and deck crews to load the barges. What size barges will they use? anything they can get hold off I guess, ex logging barges?

No real detail in the presentation that I saw, they need to prove they can load those ships within the required time. Anyway premature to talk about barge loading, they don't even have a suitable camp, that's 4 to 6 months alone, they cant live in a geo fly tent forever.

The key to these low grade Ni laterite projects to get them operating together as one, that's the only way to make them viable. Only need one good operator to make this all happen, at least they have one experienced mine manager they pinched of Axiom, the rest of the management have no idea.