Ann: Results of Meeting, page-5

Hi happydad

Personally I think WSA is a great buy at these levels. Whilst it's not going to return 10+ times like some small exploration co's if/when they hit paydirt, it is Australia's premier sulphide nickel producer with the lowest costs, highest grades and no debt. It also has a strong growth pipeline and is highly leveraged to any improvement in the Ni price. I expect significant Ni price improvement based on steadily declining LME stock levels and the fact that many producers have mothballed their operations. A testament to the quality of WSA is that they are still producing profitably on a EBITDA basis when many other Ni operations (including some majors) have closed due to the low price. When the Ni price rises I expect that WSA will rise too, and I wouldn't be surprised if the price was back above $3.00 before too long. Indeed, I believe WSA could easily double in price to $4.00+ against a backdrop of a more sustainable long term Ni price.