What NIA have is some very good ground with some very good...

What NIA have is some very good ground with some very good massive nickel hits. Enough to justify perhaps half of the market cap. The remainder of the market cap is blue sky potential - something that most posters, albeit a few (who remain noticeably absent lately), will agree looks better than even money.
What NIA do not have is a JORC statement. That is the key item that you tuck under your arm & march of to the bank with. Of course, you'll also need a mine plan, NOI & management plan documents. Each of these can't be created until they have stitched together whatever it is they are sitting on. When that hits the ASX then you'll see the 'sophisticated investors' holding their stock & not before.
Hardrock.