my earnings forecasts, page-14

SMY would have shorter distance to send their concentrate than AGM but they also have lower grade conc at 8.23% Ni and 3.6% Cu vs AGM around 20% Ni. SMY have to pay for more waste to be shipped than agm.

SMY also mention that their Ni smelting charges increased last qtr because of the rise in Ni price. SMY smelter charges are linked to the price of Ni - probably the same situation for agm.