Ann: Share Placement and Collaboration Agreement, ENC Expansion, page-32

It's hard to gauge NICs exposure to the nickel price. It's at least partially correlated because of the mine but just a reminder for those that are new here that we actually buy ore to process, so our margins are actually not just dictated by the ore price. The input costs play a big part and coal has come off a lot. On that note though I don't have much to offer in terms of expectations for this quarterly, I'm surprised at some commentators confidence in margin predictions. Where is this confidence coming from could you break down your calculation? Or are you looking at some source? They seem hard to forecast and generally stay fairly stable to me. https://news.metal.com/newscontent/102167113/smm-forecast-on-indonesia-npi-output-in-apr

Medium term the company should do well. I've allocated a decent amount here as I see a few catalysts on the horizon. My thesis is that they have a growing pipeline of projects with a history of delivering. Even if it takes dilution the mcap of the company will grow so it will force its way into indices. This will force funds to buy, so medium term I expect the price to outperform the indices as NIC enters them. The other thing I'm looking forward to but not sure of when it happens is options on NIC. Would be great to write some calls, anyone have any idea what would trigger their availability? Do we need to enter the ASX 100?

Longer term I have reservations. Mainly due to deep sea nickel sources. There is more and more progress on regulating it which would unlock large new resources. I think holding from now until those start hitting the market is fairly safe. Its also not clear to me what the ownership situation and relationship with the Indonesian gov is long term which is worrying. For these reasons its not among my largest ASX holdings as I see a time where I would be reducing my position 5 years down the track and not just compounding forever like some other options.