Ann: Quarterly Activities Report, page-56

For me, the discussion about moving more tonnes is more about:

1. Turning the stockpile into cash for ENC funding. NIC can't drain all the cash in their other businesses for ENC as suggested in the presentation or they would have dire liquidity problems especially if input costs rise.

2. The hedge on input costs afforded to NIC as a whole by selling more nickel units into their refining businesses. This takes some of the risk out of business a whole.

3. The more NIC controls the ore used in their refining businesses, the better the guarantee for their offtake partners that the ore was mined and refined as sustainably as possible, potentially increasing the value of their product.

Personally I think the market is hesitating as we don't even know the margins or financial performance of HNC yet, let alone what we can expect from ENC. But if HNC proves to be lucrative and performs well even in the falling nickel price environment at the moment, I think we will see institutional interest start to pick up. A lot of interest is probably riding on the independent expert report for ENC as well.

Just my 2 cents.