MCR chart, page-67

there are 3 "signposts" for the value of MCR:

1. WSA willing to commit 300m to develop Odesys (sp?) to produce 15-20Kt p.a .......this production would be (most likely) sold to BHP.....circa 8 yr mine life, and ave grades a bit below MCR's

2. IGO was willing to make an offer for PAN (with paper), circa 320m + for 12-15kt p.a. production for 8-10 yrs ......

3. the Canadians and POS .......which as Red has pointed out - is essentially a call option over the Ni price.....

when the DFS is in the market .......I expect to see:

1. prod of 20-24kt p.a for 6-8 yrs (Cass - 8, Durk 6 , Long 3.5-4, Mitt 4-5)
2. total capex circa 75-85m (depending if long and Durk have ore betwixt)
3. opex - mine dependant.......but ave around 3.50-4.00/lb

so while still "early days" ......there is upside even at current Ni prices .......

if Ni goes for a run (A$/US$ may be helpful?) - then it could be exceptional ......

rgds
V_H