European Nickel PLC

GB,

Glad to hear that you flourished over Xmas. Our household, were rather mixed - I had a leg swollen with infection, the wife was sick, but everyone else was fine.

Looking forward to the New Year and all that it should bring for ENK.

Can't believe that after all your solid, objective dedication to the Company you're not holding right now. As everyone knows, but shareholders more than most, absolutely anything is life is possible; however, sitting down and calmly weighing up the risks, surely you of all people can see that this has got to be a 95% cert?

When(if) the licence and then the financing are announced, the SP is in for a serious upward climb - I would be genuinely sad to see you pay too much for the ride, which you've so sensibly promoted over a long time. Surely, you must have funds sitting in other places that don't meet up to the risk/reward here?

What will be particularly interesting is the Nickel price, which I think we're agreed is at bonkers levels now - to me this presents the greatest threat to the SP, more due to the potential for its fluctuation to create disaffection amongst holders, leading to oscillation of the SP. On the other hand, we can rest assured that the BFS was based upon break even on a small proportion of the current Ni price and that those investors who are sufficiently level headed will recognise this sit tight for the long ride. Given a maintained relationship with BHP and the guaranteed take-off, Caldag really should be just the start - who knows what the SP could be in 5 yrs, perhaps £5 or more.

I urge you to get back on board pdq.

Anyway, have a great New Year and please keep up the excellent commentary.

Regards