I think there's a fair bit of fear at the moment, which is not...

I think there's a fair bit of fear at the moment, which is not necessarily well placed.

1. Indonesian export tax uncertainty

As far as I can tell this is a non-issue as we produced refined nickel at IMIP (not sell nickel ore as export).

2. ESG concerns

Buyers like Tesla sourced nickel from BHP due to their green credentials. There's a concern Indonesian nickel production is seen as dirty. However since we are in a partnership with Tsingshan as guaranteed customer of our product, I don't see this as a fundamental concern. We have the buyer. Greening up nickel production elsewhere (e.g. BHP etc) may just raise the cost profile of the rest of the industry, allowing us to make big profits at the prevailing nickel price.

Q3 should be a good quarter. The annual report showed their contract prices jumping up after the end of Q2 significantly. Input costs may be a bit higher with coal movements, but not thousands of dollars per tonne higher (like contract prices). Management would know the state of play and we've seen them buying confidently under $1.