Ann: Market Update - Delay in Assay Results, page-277

When the time comes they will negotiate a better price with a joint-venture partner (probably a car manufacturer) for both Nickel and Cobalt prices. Since the PFS, prices of both Nickel and Cobalt have increased substantially, the NPV would have increased since then and will continue to improve if Cobalt and Nickel prices increase. When prices of Cobalt increase to over $100,000/tonne and Nickel to $25,000/tonne that's when the NPV will become very viable for any car manufacturer to do a joint-venture, for a reliable supply of Cobalt and Nickel from a country with stable and pro-mining government, for the 12 year life of the mine. We will wait and see, I like their chances, as I have said all mining stocks are speculative but I like the CNJ story and the odds of a share price increase.