Ann: Quarterly Activities Report, page-12

Mickey

appreciate your comments, however, I would put forward the following:

in "great times" MCR generates >100m cashflow per annum
in "ordinary times" MCR generates 20-40m cashflow p.a.
in "bad time" MCR looses say 5m p.a.

with the cash that MCR generates (in good times) it has several options:
1. it can spend $ on developing its exsisting mines (histyorically there were abt 9-months ahead of mining)
2. they can spend $ on exploration (otherwise in a short period of time, you run out of ore !)
3. you can reward shareholders via dividends and/or sharebuy backs.....

over the past 5-years, Ni has gone from US$13/lb to US$3.80/lb ........our currency has gone from 95 ....to 70c .....

during this period, MCR has added a "little bit" to the resource base (Durk Nth, Cassini, BO1 )....
it also brought back 27% of the shares outstanding .....
it paid some divvies during this time.

While "right now" is all about SURVIVAL ........one day the sun will shine again .......

I cant predict when this will be.... although, when one adds up all the operating mines that have either gone into Admin, been placed on C&M or completely shut-down (circa 80-100K T p.a.)......I suspect it will be later this year .....

While I agree there would be synergies in merging MCR / PAN .......I doubt that MCR would wish to fund the capital development of "deeps" project.....the benefits would only apply "post" the timeframe of the Ni-West offtake (end 2017-2018 +/-).....you most certainly do not wish to be trying to renegioate an offtake, with a chinese partner .....when you need funding ........( l o l .......).

At present, 4m is buying 2 developed mines (on C&M), 2 solid resources, modest plant&equip, expl dirt .......

while the stock may drift lower .....this "feels" like the nadir to me......

ps - Mincor has a lead-zinc expl play .....along the road from former PLS dirt .......

pps - as you said - stock is now "hostage" to Nickel prices .....

kind regards
Value_Hunter