The current NPV8 of $1 per share means that today, not at the beginning of production, the fair value is $1 based on nickel of $7 and production starting on time and an 8% discount rate. When we get to production, our SP assuming nickel is still at $7 should be $1x1.08 to the power of 3 or $1.26 per share. If nickel returns to the assumed prices and our NPV8 is $543M or $2.36 per share TODAY or $2.97 per share, a ten bagger from today's price. This of course assumes that we can finance our construction without dilution with some type of off take agreement.

If production is delayed for a variety of possible reasons, than our NPV gets knocked down to some extent.

G.