Think you may need to re-read the half year report, I think this also explains the price action as NP has been going up.
The Group’s total liabilities were $92.0 million (30 June 2021: $37.0 million). The increase was predominately due to the negative mark-to-market adjustment on the mandatory nickel hedges of $16.7 million during the half year, additional borrowings with the draw-down of the RCF of $28.7 million (net of borrowing costs capitalised) and increase in trade and other payables of $7.9 million.
MCR Price at posting:
$2.04 Sentiment: Buy Disclosure: Held