cash backed with 3 nickel projects, page-9

The only positive to come out of this company will be a list of directors and management that investors should avoid in the future.

The quarterly activity report released on Christmas eve is classic reading. The base case modelling for Barnes Hill is based on Nickel price USD22,000 and AUD/USD 95 cents.

Nickel closed on Dec 28 at USD17,100 and hasn't been at USD 22,000 all year. The AUD/USD is currently 1.04 and hasn't been at 95 cents all year.

They provide 4 sensitivities analysis all of them substantially above the current market.

Maybe they should buy Nickel from the LME at todays price at USD17,100 and sell it at USD22,000 to the same magical buyer of their Nickel. Its a joke.