AVQ Price Prediction, page-24

Valuation will depend on the ability of AVQ to produce in an efficient way and on the price of nickel.

The economics as I understand them are the following:

Nickel
Production price per ton is expected to be 10-11 USD while nickel laterite ore can be sold around 30$ for a 1.5% grade and >40$ for a 1.7% grade.

In 2019, Avq may produce 1.5 mln ton. Should the nickel price stays the same, it translates into revenues of 30 - 45 mln USD.

Once Kolosori and Tenement D are fully mineable, the annual production could reach 4 mln ton per year, translating into 80 - 120 mln USD revenues per year.

Cobalt
The JORC resource of Kolosori showed that there is 8.4 million ton of ore containing 0.11% Cobalt, a very sought after commodity.

This translate into roughly 9000 tons of cobalt which makes Axiom, the largest cobalt player of the Australian Stock Exchange.

A ton of cobalt is worth USD 70'000 so Kolosori alone has cobalt worth USD 630 mln ! Of course, Axiom won't get this kind of money because it will only ship unprocessed ore but extra revenues from cobalt is expected in the years to come.

It goes without saying that San Jorge and Tenement D, for which no JORC is available yet, should also prove to be cobalt rich.