last bargain days, page-8

Squish,

You respond with hair splitting detail only, and for one half year only.

Right now the "one" thing that primarilarly matters is "leverage to unhedged payable nickel".

As for detail to pick on, exploration spend is a fine one. Exploration spend is often a function of aggressive growth, and abundant opportunity, as it is with MCR. Only a portion of this is stay in business expenditure.

In contrast MRE has a rather modest growth path, and a large (albeit high OPEX) legacy nickel resource, hence little need (or opportunity) to explore. Also their "stay in business" plant CAPEX has been phenominal averaged over the years, and I"d be more concerned about the reopening of this CAPEX blackhole than anything else except yet another plant failure. [Hence all the historical tax losses]

Anyway, we in MCR, SMY, LIM, AGM, IGO etc are all extremely greatful for the Murrin Murrins of the world, and their total failure (as laterite producers) to deliver an economic solution, this very failure which has singularly led to this rather delightful era of elevated nickel prices. From MM, Cawse, Bulong, Goro, Ravensthorpe etc, they are a very troubled risky breed, from which I will keep my investment dollar well away.

Anyway, still waiting on your response wrt MRE's forward tax rate ( and your view on LIMs numbers). Should be a quick and easy answer if you've researched the coy, and MUCH more important (and less beneficial to shareholders) than exploration spend.

We will be eternally greatful for "the great laterite failure", and to all of you who have (like ostriches and sand) held fast to your belief in this doomed dream,
EL