"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."