Datelines and NAV:

At the recent AGM, Wes said there would be road arrangements made by the beginning of 2013, and construction of the road starting hopefully by the winter of 2013/2014.

As well, the environmental permits completed by the end of 2013, with most permitting complete by mid 2014. He said most projects that have final permitting complete, can fetch about .5 -.7 of the NAV.

He thinks there should be production by 2016/2017 when he thinks Ni should be greater than $12/lb. (He feels Ni at $8 could be the bottom)

When he was asked about the $4.00 warrants which expire in Dec 2014, he said there is a lot of work to be done in that short period of time. IMHO, this means those warrants may not be worth much by Dec 2014, if anything. Wes said a company with permits could fetch .5 -.7 of the NAV. So does this put NOT in the $4.00 range by the end of 2014? If my calcs are correct, I would have to say no ... NAV $560m * 0.5 (permitted) = $280m.

$280m / 230 o/s = $1.21 per share by the end of 2014.

My numbers may not be up to date, so correct me if I'm wrong. This post could be a work in progress post.

Cheers,

MGB