Ann: Battery Metals Conference Presentation, page-21

Hi all

Nickel LME stock levels have dropped 5,076 tons in the last 3 days and overall 22,000 tons since 1 January. This significant drop of almost 1/4 of the year's movement in 3 days is against the gradual depletion trend and looks to me to be a key trigger signal. Someone is either using more Nickel or storing up for the storm that's coming. Or maybe the agencies have not processed new inventory received due to some delay.

I personally think the Nickel supply deficit panic has just started. This next week will be very telling and if this new demand / panic trend continues we will see LME levels deplete another 8,000 tons or there abouts and feed the panic spiral that will send the Nickel price through the roof.

Let's see what happens.

Cheers SandyC