Economic grade comparison, page-5

Was merely trying to illustrate the per tonne value of the nickel and copper content. Left out the cobalt component which at .06% adds an additional A$37.46 to each tonne of ore (US$22llb). The point of the exercise was to illustrate that near surface open pittable ore carries very significant economic value. We are only at 11,000 meters of a 30,000 meter program and IMHO AZS shares represent extremely good (fundamental and technical) value at current 33-35 cents, with lots of upside. Good luck to all longs.