If you read the end of year report you will see profit was made...

If you read the end of year report you will see profit was made from both their two nickel mines. The reason a $18m loss was realised was due to huge capital expenditure namely vent rises, exploration at Gidgee, take over of Magma, Mt henry aquisition. At current nickel prices the two mines make a profit but management is spending it faster that it's coming in. A growing period for the future if you will. However saying that they will need to find extra cash to get the projects up and running. If worst comes to worst all exploration and cap ex will cease and the two mines will bring profitability over next year and that alone doesn't justify the current sp.