Ann: Dividend/Distribution - NIC, page-15

Thats pretty silly - the co produces NPI so its success is a function of the price. I.e the price sold vs cost to produce. NIC is beholden to the 'commodity' price. If you don't understand this you shouldn't be invested.

Whilst the co is undervalued there is also a lot of risk. The capacity is expanding into a higher inflation, poor economic env, lower price and most likely recession type bus conditions. SS demand will not outstrip supply in the foreseeable future. Tsingshan knew this was coming hence short pos. It wasnt a hedge, they understood very well what the supply situation was/is going to look like.

What bodes well for NIC is that it is a low cost producer, which continues to drive out cost. Operationally costs should come down over the next few qtrs. In my opinion this will be a volume game over the next few yrs with direct correlation to SS demand.

This is not why I am invested in this co however. I am looking for the majority of RKEF lines to be converted to nickel matte capability so that we can use Tsingshan process to convert to chemicals for the battery thematic. I'm not really buying the story about switching when it more profitable to do matte vs NPI. I believe Tsingshan are not READY to take the matte and refine. This is all about aligning battery materials demand, specifically out of Indonesia.