One issue is that Ni miners don't sell their Ni concentrate for...

One issue is that Ni miners don't sell their Ni concentrate for the Ni price you see quoted on kitco. MBN is selling to two smelters. The company has not disclosed the price discount they get compared to the market price of Ni. I used a 30% discount in my model.
MBN are looking at building their own smelter. This means they have to outlay capital to reduce the price discount.