Technically what you write looks right but the integrity and reputation of the management team and more particularly of Richard Hughes are part of the answer. It is easier for him to find the funds because people, banks etc know they can trust him and his fruitful experience.

Concerning the metal we know the present slump is not for ever and exploration is building toward a better future. Moreover, the prices cannot fall for ever as the market will always seek balance and profits. Without any profits no one will explore or produce Ni anymore but we know this is impossible as demand will not die. Bottom line is: it's all a question of time and this is what exploration is all about. I would recommend a good article on metal markets:

http://www.gold-eagle.com/editorials...