It's been a tough week. I'm here nursing a glass of shiraz as I...

It's been a tough week. I'm here nursing a glass of shiraz as I lick my wounds.

NIC is my biggest holding. To see it fall from $1.50 to 90c hurts, let's be honest.

It stings.

Yet, the company keeps delivering. Installment paid for Angel ahead of time - 80% ownership locked in.

More than doubling of production locked in.

If they could pay 4c p.a. now, more than doubling (with lower power costs) says 8c should be comfortable dividends going forward.

There's uncertainty now, sure. Export tax, China worries. The nickel price has fallen under US$18,000/ton. That's still high though. My fair value is still sitting at $2.36. The only real investment killer is a bona fide crash in the nickel price, we're talking down towards US$10,000/ton. I don't see that happening. Nickel has a bunch of industrial uses and is used not just in EV batteries but in the body of the cars themselves (like aluminum). Stocks have been running down on LME (like aluminum). Despite the fear atm, I still see this as a correction in a commodities bull market.

I may be wrong, and I'd be lying if my confidence hasn't been rattled a little, but I haven't sold a single share.