Ann: Proposed Issuance of New Notes and Concurrent Tender Offer, page-31

I cant predict the future bud, I wrote that post before the debt announcement. Whilst the refinance is good it was always going to need to happen. To be honest I dont know what the market was expecting as the last debt issuance was done at 10%. Rates have gone up and the current issuance is unsecured so 11.25% is fair. Obviously the debt is more expensive due to term and current debt mkt rates so its not a good thing overall.

Its commodities 101; the price we receive for our product is ultimately what drives our valuation. Last qtr (Dec) saw RKEF ebitda double from $45M to $90M but margins only increase by ~60%. Obv vols play into this as well but its the price that provides the most leverage to valuation.

If you understand where nickel is heading over different time horizons you get this stk right.