MC,

I looked at the Stifel report about a month ago and found it short on detail and rather difficult to understand exactly how they arrived at their numbers. I tried to reproduce some of thier calculations but was unable to arrive at anything close to their penny valuations.

I also noticed that the future metals prices they used, apparently provided by Roskill, all plateau in 2025, despite the steady stream of media reports projecting the exact opposite (high demand and insufficient supply, of nickel and copper in particular thru 2030 and beyond).

Did the BOD scritinize the report in detail, or did they accept Stifel's word without question?

It's unfortunate a more complete version of the report is not available, and until I see and can corroborate the full analysis, I will be skeptical of their calculations. In the meantime, the report appears to be a case of garbage in, garbage out, IMO.

All that said, it is certainly interesting that BHP has only just reached a value on the low end Stifel's values, yet the BOD has recommended we accept all 3 clearly sub-par offers.

I plan to have another crack at deciphering the report soon, as it appears Wyloo and BHP are in no rush to bring the bidding war to a conclusion.

Cheers,

Hobbit