Ann: Quarterly Activities Report, page-5

I take this report as what is says and dont try and interpret otherwise.

what i see is.

revenue within guidance. Sales were in the $22k usd per ton range. In 6 months these sales are now ranging up to $28k usd per ton. 1 shipment in jan already (another booked for feb).

cashflow positive at $3m which is after cost increase pressures, unexpected breakdowns and some mine shaft repairs.

Issues for downside are low end of guidance driven by reduced by product pricing (cu and co).

Issues for upside are new high grade area Ni price still on the rise 22k to 28k and rising.

I am neutral on costs (seem to be stabilised) and Ni volumes are within guidance.

So i see a steady as she goes assessment and SP should move with the Ni price IMO (barring and capping going on)