At its current price of $5.00, and given that the value of Ni contained in material on the Langmuir properties has been estimated to have a value around $16.50, then ISM appears to be significantly undervalued (if an in-situ Ni price of $3/lb. is applied to the Company’s Langmuir potential contained Ni). In the author’s opinion, this estimate is low but reasonable, based on available information, and very likely to be revised upwards as the Company applies its cash to define the extent of Ni at Langmuir. The Company has other valuable exploration projects nearby and in Utah which are otherwise completely discounted at this time.

James P.W. Darcel, CFA is an independent financial analyst and has worked in the investment industry since 1986 for the TSX predecessor, investment counsel organizations, an insurance company, and a hedge fund. To contact the author please do so by e-mail at jdcfa@mts.net. This report was prepared from information obtained from public sources and is believed to be reliable. The opinion of the author is not a recommendation to take an investment action and individuals are strongly encouraged to perform their own independent due diligence and seek professional help from a qualified investment advisor. The author and his family do not own ISM stock or related securities.