Toledo - Cashflow from the world's 3rd largest Nickel Resource

Lets reflect on 2005...

Look back to start of year and where TMC are now...TMC have acquired significant interests in world class nickel reserves...great but no permits, and so the process of all putting together a detailed environmental case for allowing mining...meetings after meetings...road construction commenced...Indigenious People meetings and their acceptance, then Palawan Sustainable Development meetings to present our case with long lists of issues to be ticked off...TMC appoint ex-rio tinto exec to manage projects...TMC get TEP and then finally we get PCSD permit...

Imho we have come along way from a standing start to where we are now, and we've had no share dilution, and we have no debts...and just look at what potential can be realised going into 2006 with the assets TMC have...