I do not think the evidence supports your assertion goldensnapper.
Yes it does look very cheap, and yes there might be some takeover activity in the nickel mines in the Forestannia area, but I personally will not be betting on it.
I would expect that there may be mergers rather than t/o in that mining area in WA as small companies bulk up.
From a Technical basis, there would appear to be some mixed signals. MACD is about to cross, which is a buy signal, but there has been no consolidation in the sp to indicate a turnaround.
The data is too inconsitent to say "enter" yet from my readin of it.
nickel stocks to bounce..hard., page-15
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