Fitch ratings note from 22/5, page-9

Right....the market as priced in the short squeeze a while ago, when Nic share price went from 1.80 to 1.12. In my opinion that was an overreaction for something that doesn't affect directly the company.
Let remember that who buy most if not all the nickel we produce is ultimately the Chinese economy, and TD is just an intermediary. If you were to get rid of TD there will be another entity to provide nickel to the Chinese, and Nic would still be producing the staff.
Moreover the Fitch reports talks about "liquidity risks for Nic" and "contagion"......these are 2 made up conjectures, to justify the recent sp drop due to market panic (short squeeze). They had to say something....with technical wording/explanation, they couldn't use the word "panic", but in reality there was a UK fund selling millions of shares (the only one) because they sh@it in their pans. When the LME suspended all bets on Nickel and cancelled some, the panic stopped. Now TD has reduced more than half its short position, possibly to a normal level...
The problem with Fitch is that they always come out late, when the event has happened already, and to justify the huge amount of money they get payed, they have to come up with something, which is very often wrong. Indeed if you was to take a contrarian view on Fitch and S&P, you would probably make a lot of money.
If liquidity risk is Shanghai Decent Investment, overpaying at 1.37 their piece of Oracle project, well its fine for me.
If liquidity risk is increasing profit margins quarter on quarter, its fine for me too.
With increased production imo there will also be enough cash flow to fund the remaining share of Oracle Capex, which is capped therefore no surprises there either.
Finally the Fitch view of Nic
Long-Term Issuer Default Rating (IDR) to Negative from Stable, means that they see in a negative way the ability for Nic to pay USD$ 12Millions financial expenses........really?