time to short, page-6

Serious and unbacked accusation of ramping.
FYI have based my assumption on pdn of 3200 in a quarter(equal to the lowest of the last couple of quarters)
payable [email protected] is 2080
unhedged1360 hedged 720
10%increase in price is 1.9uslb over 1360 tn is 5.695mill us or over 7mill aus.
allow an extra 1mill for expenses and you have the 6mill.
Take note that I have not allowed for the fact the hedged price this q will be higher than the hedged price last q.
Current prices this q significantly higher than last q already and rising (last q about A42000 per tn this q so far over 48000)
If current prices hold will be an increase in the blended price of over $3/lb or 13.5 mill on 4.5mill lbs of payable nickel.
Dont think you have quite grasped the fact that they are mining nickel previously considered unpayable.Because it is lower grade the unit costs are higher(same amount of ore less nickel won)nor the fact that a big part of cost increase is higher royalties)
When prices go down pdn will go back up again and royalties will come down.(imagine the profits if theyagain produced 3700 tns in a q at these prices.
No point in me ramping-I am holding at a bare minimum all stock until the new tax year and over 95%(min) until it is a year old.(oct nov dec next year)47 cents in the dollar is too much of a penalty.
Willing to bet that every month for the next six will produce posotive results from their really signifcant drilling program