very positive broker reports, page-13

I wouldn't be surprised to hear of yet more JVs and/or acquisitions in the near future. Just extrapolating from what has happened before ...

Then, at some stage the it seems to me that the company would be wise to list on the local market, finishing the process of "going native" and reducing the political risk as far as it can go.

Just looking at this company as a simple nickel miner is to miss the point entirely. It's a project generation machine, and the Philippines is a treasure trove.