I'm pretty sure they're accounting for a worst case situation.
If they don't get their license renewed and if the nickel price doesn't go up, then there may indeed be issues. However, all signs point to them getting their license renewed and their production costs are at around 4.82US$/lb; with nickel at 5.7US$/lb they've got a contribution of approximately 88c per pound. Expected production at 16.5-18k tonnes in 2015, at this rate it seems that they'll have 32M to cover expenses. I'd also expect the nickel price to go up.
I wouldn't be too worried. Lets see what they have to say at the AGM.
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