My opinion is that for AGM shareholders (I do not hold) in the...

My opinion is that for AGM shareholders (I do not hold) in the short term there will be pain if ZFX withdraw. Having said that I do believe there will be a good chance of longer term upside. Sources close to the ground continue to be extremely optimistic about large scale resource upgrades and management have interpreted the geological model very well so far.

Given an eventual large enough resource AGM could build a hydrometallurgical refinery (see Polymet Mining in the US - similar large resource setting). This would also mean higher margins as AGM woudl be selling nickel metal instead of concentrate. If there is a resource there as large as AGM believes, then this could be the next major nickel center in Oz.

I say best case scenario, let ZFX walk away. Look longer term. Wait till production is at full steam.