so same NI price 5 yrs ago - share price then - $5and at 30/6/14...

so same NI price 5 yrs ago - share price then - $5

and at 30/6/14 - AUD was 0.94 and we had net cash of $10mil
now - AUD is 0.67 and at 30/6/19 we had net cash of $144mil (plus Kidman - $33mil)

less Reserves in FF and SQ now but we acquired Cosmos ops (Odysseus) in 2015 (cost us $24.5 mil) so add that on - comparison gets tricky with capex and unit cost estimates and how long does Ni price stay high (or does it get higher)

at a glance I reckon SP has more to go but feel free to critique if I've missed something material