Interesting little company. Did a series of asset swops to leave them with half of the 4th largest Nickel deposit in the world.
The deposit itself is in the Philippines has been known about for 30 years but due to low prices and lack of demand in the Far East it was never exploited. With the explosion in demand from India and China the nickel price has climbed from $2 to $6.50 but oddly enough is still considered low.
The final approval stage for exploitation is just about to be approved and extraction will begin. The company already has one contract with a Japanese smelter and is in discussions with smelters in a series of countries.
Nothing clever about the operation, as the ore is of sufficiently high grade, they dig it up and ship it out. Infrastrucure is already in place for operation.
TMC is currently priced at 18m, the initial Japanese contract is worth 4m and each additional contract will hopefully be at this level or greater.
Final approval turns the company into a producer and each additional contract simply increases their size.
The management is tight with cash and has some good quality mining skills onboard.
The Philippine government is fast tracking the final approval and the company says it expects it shortly.
One to hold for approval and through the series of RNS's as more contracts are won. Company should be worth 50m in 6 months and 100m in 12-18 months.
Buy it, ignore it, just pointing this one out.

expert, Fair value? That is a question for the individual, what one would consider fair value someone else may consider cheap. When MPSA has been granted, rumoured to be this year sometime, and on completion of the conveyour system to enhance loading from 6,000 tons per day to 25,000 tons. That would increase prodution to 6 million tons of ore per annum, or, times 1.8% approx 108,000 tons of nickel. This would be worth approx 378 million per annum. The potential profit per share per annum is approx 4 times the current SP. Fair value in my book would be 10 times annual profit. In this scenario 3.5 times 4 times 10 equals 140 per share. I would consider a 2 billion take over in a few years to be fair value, approx 60 per share. Could someone else actually attempt to show their valuation as I seem to be the only one who is trying. Cheers and good luck to all holders.

Investika Ltd
04 May 2007


INVESTIKA LTD
('the Company')
Increase in share price

4 May 2007

Please find enclosed the text of a letter the Company has released on the ASX
relating to the Company's recent increase in share price and trading volumes of
the shares.


Enquires to:

Chrisilios Kyriakou, Chief Executive Officer
Investika Ltd
Telephone: 020 7514 1480

James Joyce
WH Ireland Limited
Telephone: 020 7220 1666


DATE 4 May 2007


Ms. V. Bui
The Australian Securities Exchange Ltd.

Dear Ms. Bui

Further to your letter of 4 May 2007 re the increase in the price and trading
volume of the Company's shares, we advise as follows:

1. We are not aware of any information that has not been announced that
could be an explanation for the recent trading in the Company's
shares.

2. As reported in our March Quarterly Activities Statement, the
Philippines direct-shipping laterite nickel ore project commenced
shipping operations. During this quarter three shipments, totalling
121,000 tonnes, were made to smelters in China.

Shipments have continued in the current quarter and to date, a further three
shipments, totalling approximately 150,000 tonnes, have been dispatched, also to
Chinese smelters. Another ship is presently being loaded.

The March quarter report, which was also released in London, has attracted a
great deal of interest in that city, particularly as the project's major
partner, Toledo Mining Corporation plc, is also listed on the AIM market and
Toledo's share price has significantly increased since the quarterly report. It
is, therefore, our view that this is the reason for the increase in the value
and volume trading in the Company's shares.

3. We confirm that the Company is in compliance with the Listing Rules
and, in particular, Listing Rule 3.1.


Yours faithfully
INVESTIKA TLD

J B MAGUIRE
COMPANY SECRETARY

over 270,000 ton sold. Another ship is being loaded. How much revenue is it so far this year?

I think the share price should be prbably 6 or so

oilrag, how soon do you think we could get to 140 pounds per share? I'm looking to pencil in a retirement date as well as leave enough inheritance for the next few generations.

Smiler were do you think TMC is going as I am thinking of selling Tuesday?.

expert, please give me your valuation of TMC. I don't think it will get to 140, that was an example given to work out fair value. If the question was how soon to get to 60, the answer would be as soon as we had a takeover offer of 2billion on the table. When?, how on earth would I know what is going on in every boardroom, of every large mining conglomerate. Time will tell, but I would estimate about 5 years. Flash123 dont sell yet, what other investment is going to grow at these rates. TMC is nowhere near the top end, it has in fact only just started. However if you do choose to sell which is your perogative, don't keep checking TMC's price because you will be disappointed, good luck.

The value of TMC will be determined by the market as news flows. As some shipments were made before the company's year end the next results should give shareholders an idea of the sales proceeds which in turn will enable shareholders to calculate roughly a PE ratio. Also more information about investment in a processing plant which would significantly enhance the project value should be forthcoming soon.

It is possible some large mining company may make an offer for Berong before production is ramped up but obviously such an offer would be consistent with the actual and approved state of development of the project together with forecasts of the world nickel price.

oily:

Only 140 pound a share I make 600 pound within 2 years once production is geared up....10 pounds within months..still have further to go in my opinion.

flash , I have sold some @352 already only as i had made some good profit and needed funds to invest it into GPN, BUT Sell when your happy, but watch this share it may have a lot more to go but PDYOR !

Of Interest, from the Telegraph

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/04/06/cnickel06.xml

So what do you know about this GPN smiler?.

flash, have a look at the GPN thread , IMHO could catch TMC up !! The Project has the potential to be one of the largest of its type in the world producing some 126,000 tpa nickel (8 -10% of global nickel demand) and 10,400 tpa of cobalt metal from its first two stages.

Apparently the cost of the first stage of the project is estimated to be US$2.8 BILLION ! How do they propose to raise that amount when they have little or no tangible assets in their balance sheet?

Now over 100,000 shares bought more than sold and at least 80,000 of these are now in institutional hands. I keep warning you but you don't listen. SP has just moved up 0.5p to minus 7.5p on the day. As soon as outstanding inst. orders have been satisfied then the price should shoot up again.

Up 1.5p to minus 6p on the day.

Up 1p to minus 5p on the day.

Up 1p to minus 4p on the day.

Up 0.5p to minus 3.5p on the day.

The late reporting of a deal struck at 14:04 for 20,000 shares is a buy not a sell.

Down 2.5p to minus 6p, must be a large buy coming soon.