Ann: Syerston Nickel & Cobalt Pre-Feasibility Study Completed-CLQ.AX, page-138

Nothing happened because the FS was a fizzer, and the ASX can read that. A realistic Ni assumption would be the 200dma + the low end of the sulphate markup. = $4.7 they chose to report $7.50, a 60% markup to spot and then had the audacity to say "look how conservative we are". The market is punishing them accordingly.

NPV using my assumption is circa USD270m.

This stock is highly levered to Ni price (far more than the by-products) and should be traded accordingly going forward.

You are right though, the price is being manipulated, but that doesn't mean it's going to settle higher than here. Liquidity creates opportunity for big money, usually at the expense of retailers. This will be a good buy some day, but expect whipsaw while there is liqudity