Ann: Advance Notice - Full Year Results Conference Call, page-5

Have a look at the three year Charts for spot & WSA, May 2018 nickel spot price was a similar level & WSA was av 3.50

I suppose the question is what has changed at WSA between now & then? Downgraded resources at their existing limited life mines & an up coming replacement mine with significant CAPEX requirements and a higher than current OPEX once its up an running meaning leaner margins.

Plenty of upside if they hit massive sulphides at the West Gawler, 12,000 square km of opportunity out there and WSA have claimed the entire Fowler Domain.