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

If production settles at 1,000,000 tonnes pa, with a 50/50 mix of saprolite and limonite, a long term nickel price of about $10, and LME payable percentages as per the original contracts (23% for saprolite, 12% for limonite), post tax earnings in an average year will be approx £10 million attributable to TMC. If the nickel price remains high, then earnings will be proportionally higher.

Put on a low p/e of 10 because none of the DSO contracts will be long term, although they are likely to be renewed regularly, and it shows TMC will be *WORTH* at least £100 million once production is running at 1 million tonnes pa.

Whether that WORTH translates into share price is another matter entirely. AIM has become a lottery these days, not a market.