Ann: Mt Edwards - Mineral Resource Over 120,000 Nickel Tonnes, page-31

** An extract from the latest Euroz analyst report from June 2018 **

Its amazing how different analysts has such a varied result on the valuation components. Eg Arlington have Mount Marion at 59 cents (a bit on the high side with a value of 326m) and Euroz have 26 cents (very much on the low side with a value of 144m)

Investment Case
Though there are several moving parts to the NMT strategy, it appears the efforts with respect to both Barrambie and the Lithium-ion Recycling project are verging on proof of concept milestones. Whilst the LiOH Success in the short term with respect to trial processing (DSO) and beneficiation and processing of the Barrambie ore will arguably crystallise value
only partially recognised in the NMT share price. Moreover, it should provide commercial leverage in terms of negotiations
with downstream DSO offtakers, thereby bringing forward commercialisation of the asset, improving payability and avoiding
significant capex and lead time to developing a midstream operation. Successful commissioning of the Lithium-ion recycling plant will attract significant interest from downstream industry.
We suspect sum-of-the-parts is greater than the whole. Buy.

Our Market Sensitivity
Price Target: $0.60/sh
Valuation: $0.55/sh

Bull Scenario - $2.00/sh
NMT advances to commercialisation of Barambie DSO
development and commercialisation of the LiOH processing
plant and commercialisation of the Li-Ion Battery Recycling
process.

Base Scenario - $0.60/sh
NMT advances to commercialisation of Barambie DSO
development or commercialisation of the LiOH processing
plant or commercialisation of the Li-Ion Battery Recycling
process.

Bear Scenario - $0.25/sh
NMT fails to commercialise its other ventures outside of its
core Mt Marion interest (EZL valuation - $0.26/sh).