what is going on, page-7

Market sentiment is the cause of low sp for many juniors imho.
FML are mining and stock piling nickel atm. So far, I suspect they do not have a processing agreement in place, however appear to be examining options so as to strike a good deal. Historically, Nepean has significant Cobalt, as well as Platinums. Obviously, we as shareholders would want credits for any other goodies in the Nickel ore. Not all processors will pay for extras.
We can expect a positive announcement re nickel, once a processing agreement has been inked. The BFS also will not be of much use until processing is in place. I expect the BFS will be positive Why mine and stock pile Nickel ore if it is not economic? An announcement of the sale of Nickel ore, with an ongoing contract to supply ore, will rerate FML imho.
This is not investment advice, just my amateur opinion. DYOR
K