china nickel 2007 conference, page-3

NPV = $1.74 per share at $45,000 per tonne. So if nickel price holds $45,000 throughout 2007/2008, AGM shares are worth $1.74.

NPV of 643M at $30,000 = 92c

If nickel holds current prices, AGM are cheap. If nickel retreats to $30,000, AGM is probably expensive now given that production is still 7 months away ( presentation said end of 2007 calendar year).

AGM delicately poised but at the mercy of the spot nickel price.