Ann: Presentation to Investors, page-2

That's seriously impressive being able to raise US471m at less than 10% discount to current price.

I need to go through the value add in more detail. This DAWN project looks massive the way they have presented it and would become the biggest contributor to NIC's production profile surpassing even ONI (even including the extra 10% they are buying). Certainly the initial margins on the conversion to producing class 1 Nickel look good. I think its a bit naive to just project those same margins while assuming increase in supply. The technology will inevitably drive the margins down over time I would think, but understanding that interplay between supply/demand is particularly tricky.