Agree, the mine is easily worth $400M USD which leaves $180M USD or $216M AUD for share holders or 23c pps. Who can't not see this......
The mine still have 250Kt of JORC nickel in concentrate (i.e. a LoM of 12 years with 20Kt p.a. still remaining) so with PoN of $7US/lb average that is a total of $1.1B USD net profit (nearly 2X their investment back) and every $1 rise in PoN means +$550M USD.
Plus the deeper they mine they've reported that the grade would increase by nearly 50% from .5% to .7% so better recovery where the total nickel in concentrate could easily increase by 10-20% overall, then if their nickel are suited for EV that is another 10-20% to the PoN during this EV boom period, then there are other tenements close by that hasn't been explorer and with a $500M USD infrastructure already built, they could find another 10+ year mine......
Even if the PoN remain at $6US/lb average over 12 years (very unlikely), they would make a net profit of $150M USD and have a $500M USD infrastructures with other tenements that hasn't been explored.
