well done beards, page-35

re: exploration drilling Just going back to Ni prices for a minute, it is worth noting that the Ni forward curve is the steepest of the metals traded on the LME (along with Zinc, which is not surprising given they are substitutes).

15 month nickel, which is probably more relevant for AGM given the time until production ramps up, is US$29,225/t, which is a 17% dispute to spot. If and when the nickel price retreats a bit, hopefully the curve just flattens and prices on the far-dated contracts remain high.