jorc out , page-9

43.5 M tons@ $5 a ton inground=$217.5M

72M shares

= $3.02 per share

+ Pattersons valuation of 40c per share for nickel alone

= $3.42 per share

+ upside to 100Mt potential??

+ upside to more realistic valuation per ton....say, $10.

YML EV/Resource (A$/t) estimate
¡Ö1.98
EV/Resource (A$/t) WtdAv. (Iron ore juniors)
¡Ö18.00

Current value $3.50+

Future value $7 to $10.

Why would anyone sell now that this JORC is confirmed?