Ann: Ineligible Shareholder Letter, page-11

Please notes the hedge book as well. 8.56kt Ni hedged at A$8.3/IB. That is one and half year production base on Jun quarter production. Sep quarter production is forecast to be lower than Jun quarter.
The current market cap of this company is similar as its market cap at 2014 when this company has very high profit and cash holding. If you think you are investing in some cheap nickel producing company. I'm telling you now, its not a cheap play. If you want a cheap play, go find IGO or wsa.
This is my style of investing. I like to have all investors know all the risk they are taking. In case some known information released, there are still some panic selling.
(Current market cap is double the market cap in 2015 and triple its market cap in 2016)