Ann: Quarterly Activities Report, page-11

Whilst I agree on the costs comment, you are missing the point on price. The incentivised price is around $19kt. I.e the level that nickel must trade at to support mine developmemt and production in this environment. Prices have approached these levels twice over the last 12 mths and each time it has bounced from the low. In addition to this, whenever prices hit this floor, JW has assured us that:

1. The market will bounce
2. We are in the lowest quartile of the cost curve
3. We are profitable compared to other chinese producers

Despite the PoN being relatively high when compared to last 5 yrs, it's unlikely to go back there. It's the new norm. Having said this the price can fall below the marginal cost of production when demand drops and/or a flood of supply hits the market. Unfortunately that is what is happening now and is expected to continue until 2025. In my opinion NIC won't achieve its potential until this time.