Ann: Potential Diversification into the EV Battery Supply Chain, page-13

I don’t think the implications of this announcement have been understood by the market. NIC will boom. As well as being one of the lowest cost producers of NPI, and potentially supplying HPAL plant there is now an additional revenue stream via matte nickel produced with the rotary kiln process. NIC are 10 steps ahead of many companies in the exploration or funding stages. The suppressed price is positive it the short term. Anyone seeking funding for a new mine have had the wind knocked out of their sails and will have to seriously evaluate the economics of proceeding. In the longer term this will result in suppressed supply which will allow nickel to trade at a decent margin for years to come. Maybe not 20k but 16-17k. The dreams of these new entrants who expected nickel to go up to and stay above 25k have been shattered. GLTAH.