Medium Term Target: A$1+ billion market cap, page-1681

These prices won't last.
Tsingshan and some chinese banks started a major short position on nickel last year at around 19k US$ per ton when they annonced that they would start producing Ni metal straight from pig iron.
Tsingshan alone had a short position estimated at 300.000 tons of metal worth before the Ukraine crisis.

These crazy price spikes are only the result of western traders using the situation in Europe to force Tsingshan and chinese entities to close their positions, pay the margins and make a buttload of cash in the process.

The current Ni is completely out of synch with industry fundamentals and just the result of a short squeeze.
Russian nickel will find a home in China anyway, the global supply/demand equation has barely changed, just a small game of musical chairs.

That's why Ni equities aren't following and there is no point calculating EBITDAs and NPVs for valuation purposes at current prices.