The broker valuation is what the company is worth based on the...

The broker valuation is what the company is worth based on the analysts research and fundamentals. The market price is what ppl are prepared to pay based on sentiment which will shift on a day to day basis and there can be a wide divergence. The market is driven by sentiment and regardless of the nickel price used in the broker valuation, a higher spot nickel price will lift sentiment and a lower spot will negatively impact it. Other factors hurting sentiment could be covid in the region, political issues and lack of information among others. I don't think bots have any impact.

The option leverage that Blokes referred to was on a day to day basis in that it was cheaper to buy an option and exercise than buy a share based on the share price on the day. Ultimately the share price will determine what an option is worth and liquidity will determine what ppl are prepared to pay.

In terms of shareholders selling to exercise options, most wont. But assuming they all did then the maximum number of shares that would be sold before the end on May is around 7 million so not a big deal as they would easily be soaked up over that time.

Personally I think management are doing a good job under difficult circumstances.