I am confident that Adavale is not a leaky ship. SP movements are more a result of the capital raising and the current appetite for spec stocks. There will be some downward pressure on the nickel price due to a market surplus from Indonesia/China but I don't think this should worry Adavale as it will be only short term. Nickel demand is expected to exceed supply in FY26/FY27 when Lifezone's Kabanga project starts producing.
Ann: Massive and Semi Massive Nickel Sulphides Zones Intersected, page-16
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