interest, page-4

they just raised another $1million at 16c

GM and Chrysler both introducing pure electric cars with lithium ion batteries

Buffett just invested in Chinese lithium ion battery maker

targeting 1500 tpa cobalt at current cobalt price is $165million profit pa. This assumes nickel and manganese pay for opex

some analyst now see cobalt at over $100 pound due to surge in electric car production. This would see profit at over $300million pa for project

no problems with financing as jap or chinese lithium ion battery makers will do offtake/finance to secure supply in my view

I assume FIS retains 25% of project after financing.

also assume 200 million shares fully diluted eventually

upside then is 25% x $300million is $75million profit pa

or over 30c a share pa. Would value shares at around $1.50 to $2 under most bullish cobalt scenario

whatever way you do the math this is one of the most interesting projects around