Valuation?, page-74

The decrease in SP is a result of the share dilution/cap raise. The increase in nickel price has softened the fall in the short term but funds have been raised and until the Angel nickel project is operational there won’t be a material increase for in revenue. In my opinion the SP will trade in the $1-$1.30 range until that occurs. Consideration for investing in NIC has to be a longer time frame. Lots of companies have jumped on the nickel bandwagon, none can compete with NIC low production cost. Two case scenario. Nickel price will be sustained until Angel plant is producing, SP will rise. Scenario two nickel price will soften, new producers will be forced out due to their higher cost of production leaving NIC in pole position for next price cycle. My time frame is min 2 yrs for scenario 1 and 5 years for scenario 2 until we see a material increase in SP and returns. There is always scenario 3 in the short term where nickel price rises above 20k/t but this would be short lived.