HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Here is another take on your calculation. You will notice that I have increased the Ni equivalent to 3.5% to account for Rhodium. We do not have final numbers on Rhodium so this of course is speculative. I have also increased the buyout to 30% as per PM. I have given scenario if we prove up, 6, 15, 30, 50 and 100Mt of ore just to keep the dream alive!

Equilalent 3.5%
NI Price / LB. $ 10.00
F/D Shares 135000000
Other Properties $ 1.00
Current Share $ $ 4.85
Tonnes Ore 6000000 15000000 30000000 50000000 100000000
Nickel (tonnes) 420000000 1050000000 2100000000 3500000000 7000000000
Buy-out Value 30.00% 30.00% 30.00% 30.00% 30.00%
Gross Metal Value 1260000000 3150000000 6300000000 10500000000 21000000000
Share Price $9.33 $23.33 $46.67 $77.78 $155.56
W/Other Proper $10.33 $24.33 $47.67 $78.78 $156.56
Current Price $ 4.85 $ 4.85 $ 4.85 $ 4.85 $ 4.85
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