figures stack up for $4.16 share price

Information below was compiled based partly on the following
reference material and my own opinions:

- Info Mine historical metal prices
- Atlantic & Mineral Resources announcements
- Cunningham Securities research notes
- Windimurra Vanadium AGM presentation Nov 2008

What makes the Windimurra Vanadium project so attractive to
the Altantic and Mineral Resources consortium is the fact
that the project would have more than likely been a
success, had it not been for the GFC. The project was
simply carrying too much debt at a time when metal prices
were falling in a diminishing market

The project managers, past and present, have always boasted
about a 5,500t/pa operation coming out on the lower end of
the relative cost curve. The costs are certainly
competitive when compared to global mining, and bodes well
for excellent returns for shareholders.

$55.55m of the $90m to $100m has been secured, subject to
shareholder approval. In my calculations I assumed that the
balance of funding will be completed via a placement at 4.4
cents. I do however think that this funding will be in the
form of an off-take marketing agreement, where a long term
fixed price contract will be negotiated. MM is no fool and
for my mind he will certainly try for funding via the
off-take option. Mineral Resources is free carried, BUT if
the balance of funding was for an off-take at a reduced FeV
price, the brunt of that funding does not fall solely on ATI in the
form of further dilution, but is spread over all stakeholders.



Note: BOOT in the below pie chart is the acronym for Build, Own,
Operate and Transfer of the beneficiation plant. The BOOT
is outsourced under contract.