Hard to answer given the number of moving parts.I think it's...

Hard to answer given the number of moving parts.
I think it's around fair value now for several reasons. (I do back of the envelope numbers of tonnage potential, contained metals, and historical acquisition prices. I wont share details here - it's my job

The market is a little underwhelmed by the Ni grades (Ni equivalent is pretty good IMO), plus the way they are tackling, doing step out and wedge holes is not so far adding to the tonnage potential significantly. They just need to keep stepping out holes around the known zone, this will take time and the market will (has already) get bored. Plenty of retail got sucked into this at silly prices via company hype and blatant rampers on twitter etc and they are mostly weak hands. At least mgmt. have become more circumspect with reporting.

Note - IMO they are doing it the right way, rather than drilling "hail mary" holes hundreds of meters along strike. The geology around the contact zone, and post mineral faulting appear pretty complex - it will take time to unravel.

Note Nickel is AUD $22,000 per tonne. Bigger miners are watching this very closely.