loundge lizard, page-14

Brett,

Trouble is you are talking numbers well above NPV, which to justify requires major exploration success. Without such they might be able to extend high grade mine life out to say 8 years from the 5 of current reserves by achieving targets at deep at SQ. But then what? With over 4 years since SQ was discovered there really is no certainty that they'll find another couple of golden quolls is there?

So maybe the price range of the last year or so is realistic and fair?

Imho there's a good chance of discovering another large high value or body which could add another couple of bucks per share of value, but then imho some of that has already been priced in on the highs of the past year or so.

Some value here imho, but no no brainer. Plus I simply don't see signs of serious consolidation activity in nickel mining atm. Big boys are still with fresh burn marks.

EL