Well d12, nothing like putting the spotlight on a guy. LOL.

As you know, many have posted previously what we feel our valuation should be based on various tonnage scenarios. There are many variables that will ultimately determine our valuation. To name a few but not all: tonnage, grade, Net Present Value of Gross Metal Value, Goodwill, etc.

In your scenario d12, tonnage is not a variable, it is 7 million tonnes. Also, the grade of Eagle 1 as determined by many qualified here on this forum is expected to be 3% Nickel equivalent or roughly $800.00 per tonne. So we will assume that we are able to maintain this grade for E2 and E3.

That leaves the only variable in this overly simplistic valuation, the NPV of GMC. Remeber, that Vosiey's Bay was sold for 40%.

So, our valuation at various NPV of GMC is as follows:

Fully diluted shares: 135 M.

10% NPV: $4.15 per share

20% NPV: $8.30 per share

30% NPV: $12.44 per share

40% NPV: $16.59 per share

Again guys and gals, keep in mind that this valuation assigns ZERO value for all other properties and as such, I share d12's belief that there is ABSOLUTELY NO DOWNSIDE at our current share price. It also is dervived from a very conservative approach, assuming that Noront only deliniates 7 million tonnes. LOL.

Hope this helps d12,

cheers,

Milsy1