They delivered a very positive PFS at the end of 2022, then...

They delivered a very positive PFS at the end of 2022, then progress ground to a halt when the nickel price dipped. Based on a previous report they say they're looking to rein in spending while the price is depressed.

I'd suggest that one unforeseen event could change the nickel market. That could be in relation to Trump tariffs/FTAs, China policy, green nickel price being introduced, new Indonesian leader policy change etc.

Also, this is a long term project, so as long as someone understands that the nickel price won't be low for the next 40 years then it's not an immediate risk. However it is a sovereign risk for the west to rely on Chinese-backed nickel production out of Indonesia.

I don't know what is going to happen but I'd suggest that there is a difference between being 'dead' as you suggest, and 'having a nap'.