An independent valuation on the Wowo Gap Project was conducted in 2009 which valued the project at AUD$168 million.

The Board engaged an experienced professional, Mr John Wyatt to undertake an independent valuation of the project because Resource Mining Corporation seeks to engage a major industry partner to undertake further work at Wowo Gap.
The following is a direct quote from the summary of Mr Wyatt’s Report:

“Based on the results of exploration completed to date within EL 1165, Wowo Gap, PNG together with an assessment of similar lateritic nickel/cobalt resources in Papua New Guinea, New Caledonia and Australia, the Wowo Gap Project has been assigned a current value within the range:- AUD$150M to AUD$600M and having a preferred value of AUD$168M

This valuation range was calculated firstly using what were believed to be suitably discounted net present values of estimated cash flows using information on mining costs and metal recoveries supplied by RMC.

The preferred value was selected by way of comparisons with other nickel/cobalt projects, particularly in PNG, nearby Caledonia and Australia.

Whereas the valuation date is based on current metal market conditions, the selected metal prices came from historical records over the past 20 years, between 1989 –2009″

According to Mr Wyatt’s valuation approach, the above value is based on the exploration value as opposed to an operational value, as such, an increase in the resource confidence level, may translate into an increase in overall project value.

The full valuation was released in the 2009 December Quarterly Report.​