Canada Nickel Company Inc V.CNC

Calculations

[Rm90090]

Please let me know if my math is off here:

Previous NAV8: 1.2B USD
New NAV8: 2.1B USD. Converted to 2.64B CDN.

Mark Selby said take over price is 1.2 to 1.5 NAV; meaning a takeover price of 3.17B to 4B.

Meaning, (assuming 100M shares) a takeover share price of $31.7 to $40.

THEN, we add in the district potential with multiples other deposits.

Am I missing anything here?

[Rm90090]

AND crawford is supposed to double in size because PEA numbers are based on deposit size in Oct.

[Rm90090]

So updated calculations would be: Previous NAV8: 1.2B USD ADD 50% from additional drilling. ADD 920M in additional NAV from increased recovery. New NAV8: 2.7 USD. Converted to 3.4B CDN. Mark Selby said take over price is 1.2 to 1.5 NAV; meaning a takeover price of 4.08B to 5.1B Meaning, (assuming 100M shares) a takeover share price of $40.8 to $51 CDN THEN, we add in the

[EndZonefor7]

Makes total sense to me RM. As Mark said our share price will soon get a "significant re-rate" once the market grasps what we're sitting on.

[apapas1973]

Let's hope so RM. The value will be in the properties, but no major will let this run that long before a takeover. It will have derisked by that time. Unless it gets there very quick. Once we hit high teens you'll start to hear rumours of takeovers. At about 30% plus premium, it puts us mid 20's maybe high. 20's. Now whether an offer like that is accepted is another story. Or

[Rm90090]

The main question I have is how the valuation will be conducted of the other properties if a buyout occurs. The PEA and FS will be on Crawford only. I think what Mark was saying was that the 1.2 or 1.5 multiple of Crawford would be if they have good drill results establishing other deposits. I was hoping that they would be able to show 4 Crawfords with each having a NAV of 2B - giving us an

[caramba71]

There will be some dilution due to additional funds required - though in the context of these numbers that appears to be 'manageable' if not almost negligible. Finally getting excited again.

[KerStockhouse]

I wish we could say immaterial

[idlefreebird]

rm...no that's right ..i was rushing out the door for daily golf routine...so i just winged in the quick numbers..glta