Agreed, unless Nickel goes over $20 on spot market it won't matter at all. The price of Nickel in 2 years is what matters. Same thing with Gold, it's not spot price but the price in a year or two when Noront starts producing the stuff.

 When the report is out valuing DE 1 it will be based on estimate of long range Nickel price not price at date of report. Same thing for all other metals in the ground AND the long range estimatd price is always lower than spot price, often MUCH lower.