Have been following your forum for several weeks now. Am impressed with the general high quality of the postings. Bought NOT shares at about the time the last PP was announced at $4. Did my due diligence beforehand and would like to share it with you. Comments would be appreciated.

Assumptions for DE1:

9 Mt@2.1% Ni, 1.1% Cu, 1.6 g/t Pt, 4.0 g/t Pd, 0.2 g/t Au

Density: 3.6 g/cc

Mining Rate: 3500 t/day

Capital Cost: $700M

Reclamation Cost: $4M

All Season Road to Pickel Lake: $150M (300km @ $500/km)

Recoveries: 80% Ni, 75% Cu, 40% PGMs

Operating Cost: $75/t

Road Maintenance Cost: $1.4M/yr

Metal Prices: Ni $10/lb, Cu $2.50/lb, Pt $1200/oz, Pd $300/oz

Au $800/oz

Working Capital: $10M

Mining Life: 6 yrs

# shares outstanding: 125M

NPV(10%) = $1309M ->$10,47/sh at railhead

If cost of road doubles then: NPV(10%) = $870M -> $6.96/sh

Capital and operating costs based on experience at Xstrata's Raglan Mine in northern Quebec. Cost of all season road to Attawapiskat about the same. I believe that the assumptions made are very conservative.

Have been involved in the mining industry for over 38 years.