hows that for inside info, page-7

estimate of current auz value long way to go Brabus - must say I disagree and you have given no basis for your conclusion

Lets say 50% of the resource is recoverable = 2,830 tons. Based on the last 4 quarters, AUZ's share of nickel ie payable is 57% so it would get 1,613 tons.

Over the last 4 quarters average total cost (not cash cost which is much lower) is A$8.70. Mine is getting deeper so lets say A$10 which is the same as the last quarter when there was a lot of capital development. Using a nickel price of US$14.50/lb (A$19) gives a margin of A$9.

1,613 tons is 3.55 million lb so net margin to AUZ is A$32m. This equals 7 cents per share over around 18-24 months.

Note this excludes the Area 57 drilling which is the really exciting opportunity at the moment, further depth extensions, the JV with PIO or the existing gold resource.

I hold and think there is a long way to go - just my view

Monty