Ann: Placement and Pro-Rata Non-Renounceable Rights Offer, page-8

What a joke. Essentially tripling the shares on issue and diluting us all to hell. And they're only getting approx AUD$2 million which might cover corporate costs for 12 months but won't allow them to do anything meaningful in terms of current or new projects.

Nickel and Cobalt prices won't appreciate to anything meaningful in the near term so Mt Thirsty and the scoping study are basically dead. And the company won't have the cash to pick anything else up and do anything meaningful without further significant dilution.

The half yearly report says they've committed to releasing the scoping study in the March quarter (so in the next week) - sincerely doubt they'll make that timeline. And in the current climate there's no way the project will be progressed. I'm convinced they've been making excuses to not release the study because it won't look good - or they've used some questionable forecasts on prices as part of the scoping study and the ASX is pulling them up on it.