Ann: Dividend/Distribution - NIC, page-8

Barely breaking even isn't a great look on its own. Earnings per share are around 0.3c if I'm not mistaken.

Of course this is likely close to the bottom of the cycle. As they point out:

Solid 1H result given current nickel price environment where low nickel prices (<US$17,000/t) saw a material percentage of the global cost curve (deep into 2nd quartile) operating at a loss.

AKA these low prices are unstainable for 25-50% of producers. So something will have to give. Mines and producers will close and prices will rise. The speed is the big questions.

All that said. I'm happy holding and taking my 2.5c dividend.