us6.49 inground value nickel

Hi Pelliers

Just a quick calculation based on:

2,937,452 dry metric tonnes
0.985 Nickel
$US40,000 per tonne nickel price
177,169,670 shares and options on issue

I get $US6.49 enterprise value based on the inground value of the nickel alone.

Discount this by 80% because it is INGROUND and I derive an enterprise value of US1.29.

Based on an exchange rate of 0.8357 that becomes an ev of $A1.55.

Let's say I have truly overestimated the inground valuation....or nickel drops to $US20000t....let's halve the ev...that's $A0.77.

What am I missing with my logic????

AND this is NOT including its other resources.

So 0.385 is looking cheap.....

Comments please??

Cheers

Mark