broker recommendations, page-4

The ABn Amro report is a 12 month target.

ABN Amro forecast 8.64 cents EPS for 2008, using basis of US$16K per tonne for nickel.

Currently the nickel price is US$40+.

Therefore the AGM EPS will be as follows, based in my calculation using AGMs production and costing forecasts:

EPS of 16 cents at US$23K nickel price, price target of $1.28 a share.

EPS of 23 cents at US$30K nickel price, price target of $1.84 a share.

EPS of 33 cent at current US$40K nickel price, price target of $2.20.

Sentiment BUY at 60 cents or less.