Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-5

Good question i don't think it's a dead duck Nickel prices have been smashed and looks like its hit the bottom of the cycle. And the company has mentioned looking into Copper & Uranium with interested parties.

Speaking of pain out there in the metals space, we need to look no further than nickel, one of the worst performing base metals in 2023, falling 45% year-on-year.

With a string of mine shutdowns in Australia and BHP reconsidering the future of Kalgoorlie Nikel Smelter, Morgan Stanley believes we are close to seeing a trough.

Figure 4: Nickel cost curve chart (Source: Morgan Stanley Research 13 February 2024).

According to Morgan Stanley, the nickel price has troughed at the 70th percentile and could shortly rebound.

They still see pressures on the demand side, with subdued global stainless-steel output and rising LFP market share within EV batteries, however they expect prices to bottom around their Q2 target of US$15,500/t.

Supply cuts so far (and there are sure to be more to follow) amount to around 54kt of mined nickel capacity suspensions, which would reduce our 200kt 2024 surplus by ~30%.

Guy on Rocks: Forget your hot air, the real winds of change are blowing graphite's way - *