Nickel, page-29

You're reading it incorrectly. The vast majority ($60m) of the cash has been invested on term deposit with maturity greater than 3 months which changed how it's reported from a cash flow perspective. Of the total $60m invested, $25m was invested during the Dec quarter (reported in that quarterly report). The $35m you saw on the March 5B (not 4C for a mining company) was simply shifting that amount to TD, bringing the total cash and cash equivalents invested to $60m. As at the March quarterly report the TD would have had a maturity of >3 months, but <12 months (because it was referred to as a "current asset" in the report narrative).

In short, management didn't think it would need those funds for the refurb. works within 3 months, so put them on short-to-medium term TD. Any money "invested" into the processing plant, u/g mine, or open pit would be reported as other line items in the 5B.

For an overview read the 'Financial' para on p.3 of the March quarterly activities report, which spells it out pretty clearly.

I expect total cash and cash equivalents held at end June quarter to be ~$60m-ish. Keep in mind that the 5B is cash flow report, not a balance sheet.