Ann: 2023 Annual Results Presentation, page-8

I would like to state few things about NIC. In my opinion, it is a high risk, high reward shares if you buy at this price. I am impressed with company growth and how quickly they became top 5 Nickle producer in the world and record low nickle price didn't affect their business. They are still able to manage to make decent profit. However, it came with big price to the existing shareholders. I have no problem with debt for buying quality assets but massive dilution affected over all SP. I think many have raised this issue and shown dislike on HC forum. I agree with them and think NIC could have expanding business from profit than dilution. This massive dilution and all projects are in Indonesia reason for SP below $1.03 institutional placement. The company still need $700 millions to complete acquisition in a year and expect more dilution. Interesting to note top 20 holders hold 87% company shares. I think it is a long term investment and take 2-3 year to see capital growth and big return. They will be printing money once Nickle price back to USD $20k level and company settle ENC acquisition.



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