So far in Q216, Amur has announced two resource upgrades at Maly Kurumkon-Flangovy (MKFL) and Ikenskoe-Sobolevsky (IKEN). The overall effect of this is to increase the mineralised tonnage hosted at Kun-Manie by 32.1% and the measured and indicated component of the resource by 99.8%. In addition, Amur has also distinguished between high-grade and low-grade domains. Significantly, over 74% of the total contained metal (at a 0% cut-off grade) remains at a 0.4% Ni cut-off and more than 97% of that is contained within discrete high-grade lenses. At the time of our December update note, Amur’s enterprise value equated to US$58.67 per tonne of contained nickel (including by-products), on which basis the increase in the resource of 72,400t of contained nickel engendered in these two updates is worth US$4.4m to the company.

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