Nickel Industries Limited ( NICMF )
FY 2022 Earnings Conference Call
February 28, 2023 19:00 ET
Corporate Participants
Justin Werner - Managing Director
Conference Call Participants
Adam Baker - Macquarie
David Coates - Bell Potter Securities
Matt Green - Credit Suisse
Presentation
Operator
Thank you for standing by and welcome to the Nickel Industries Limited 2022 FY Results Call. All participants are in a listen only mode. There will be a presentation followed by a question-and-answer session. [Operator Instructions].
I would now like to hand the conference over to Mr. Justin Werner, Managing Director. Please go ahead.
Justin Werner
Thank you. And thank you everyone for your attendance on today's call for the Nickel Industries Full Year 2022 Results. Pleased to report an extremely strong year for the Nickel Industries and the investment in our RKEF lines. You can see is being reflected in the results for 2022 records across all fronts. Our group EBITDA of U.S.$339 million, record gross profit 294 million, record operating profit of U.S.$257 million and record profit after tax of U.S.$209 million.
Remembering this is a company that's only recently been listed a little over four years. And four years ago, we had zero nickel metal production. Last year, our nickel metal production was 7079 tons significant increase on the 45,000 tons for 2021. Out attributable nickel production or a portion of that 55,993 and record RKEF EBITDA of U.S.$299 million. Pleasingly the Hengjaya mine has really stepped up in 2022 and will continue to do so in 2023 and is now becoming a significant contributor to the cash flow of the business. We had record mine production of 6.79 million wet metric tons. Record mine EBITDA of U.S.53.9 million. And we upgraded the JORC resource to 300 million dry metric tons at 1.22% nickel, or 3.7 million tons contain nickel metal, with still exploration upside remaining on top of that.
Finally, for our mine very pleased to report that we were awarded a Green PROPER Rating one of only two mines in Indonesia, Nickel Mines that have received that prestigious award. And it’s really acknowledgement of the responsible and sustainable mining that's been undertaken. We've just announced another final dividend of AUD$0.02 per share. So bringing up full year dividend to AUD$0.04 per share in line with our 2021 dividend. And we've been able to maintain a good dividend whilst we continue to grow the company and I'll talk a little bit later on about the company's growth moving forward. And what we see is an exciting transition now into the battery metal space.
On the financial side, there was a U.S.$212 million equity raise that was completed during 2022 and 225 million of senior secured notes and that was used predominantly to fund the Oracle Nickel acquisition. And Oracle is performing very, very well performing well over 130% of name plate. And making significantly stronger margin than our older RKEF lines, which is RNI, as HNI is now producing nickel met.
We still have a very strong balance sheet and I'll talk about that on another slide. On the corporate side, as I mentioned, we completed the acquisition of 70% in the Oracle Nickel project, which is now in the process of ramping up three of the four lines now commissioned, and we expect that to hit full run rate end of second quarter of this year. The amounts the acquisition of the Siduarsi Nickel-Cobalt project, a large contract of work with very good limonite and saprolite resource potential. And we continue to drill that out and probably the second half of this year, we'll come out with amazing JORC resource for that project.
On the sustainability front, we released our maiden sustainability report, which was very well received. And we also announced an MoU for two solar projects comprising or totaling U.S.$440 megawatt peak of solar capacity. Finally, there was a change of name to Nickel Industries, to sort of more reflect the industrial nature of the company. And I should just finally mention, we also welcome to the board, Chris Shepherd, who's joining us as CFO brings a wealth of experience particularly in the battery, metal space, and also Xiang Binghe, who is the Chairman of Tsingshan, who run all of the Indonesian operations for Tsingshan and so we. We have two of the most senior people under the Chairman sitting on the Nickel Industries Board. And so I think that speaks to the strong relationship and what we can expect moving forward.
Can we please move to Page three of the PDF presentation, the next slide. In terms of the financial snapshot, you can see here, RKEF sales revenue, significant increase 88% to the 1.2 billion, gross profit 35.5% increase to U.S.$294 million. And you can see across all of the metrics operating profit up to U.S.$259 million up again another in excess of 30% profit after tax of U.S.$209 million. I mentioned pleasingly the EBITDA from mine operations, you can see that significant increase of 145% from U.S.$22 million last year to U.S.$53.9 million this year. We will continue to ramp the mine up and so we expect to see not only the mine EBITDA continue to grow, but also that RKEF EBITDA continue to grow, we are yet to see any contribution from Oracle Nickel. And we expect start seeing that in the second quarter of this year.
We did also make the switch to Nickel met during the year, two of our lines, which is HNI were converted to the production of nickel met that's proven to be very successful. And we've seen very, very strong margins, they're almost $7,000 a ton. And so we said it's been a very successful transition and the ability for us to switch between class one and class two. We're one of the only listed nickel producers that has that ability to be able to move into the production of either class one or class two, where we see the stronger margins may exist in either one of those markets, if you could please move to Slide 4.
Balance sheet still very, very robust. I mentioned we completed the issuance of U.S.$225 million of senior secured notes 10% coupon three-year term, two-year non-call. As of 31 December, cash of 144, debt of 559, net debt of 415 is still very conservatively good given the very strong cash flows the company generated for 2022 but that will significantly grow in 2023 and we will maintain that very responsible balance sheet and funding moving forward.
If you could just move to the next slide, please. I mentioned the RKEF operations. You can see there, Angel Nickel 29,887 and that's not for a full year of production. That's operating at 138% of name plate capacity. And you can see the differential in margins there between Angel and our older range of nickel lines. Range of nickel last quarter was operating with an EBITDA of about 2600, Angel Nickel was operating at an EBITDA of about 4500. I mentioned the move to nickel met, Angel Nickel was converted to the production of nickel met and its margins in December was 5950. So combined the nickel met, combined with the newer generation RKEF lines being Angel and Oracle, we've seen very, very strong margins, despite what we experienced in 2022 was significant cost pressures, particularly from thermal and coking coal, as well as a period of depressed NPI prices as China was still in lockdown and has now moved out and so we're seeing an improvement in strengthening in NPI prices. But it speaks to the robustness of the business throughout the whole commodity cycle, but even when we had significant cost pressures, we had record low NPI prices, we are still able to produce very strong margins. And that's a benefit of sitting right at the very bottom-end of the cost curve.
If you could just move to the next slide please. If you look at the chart at the bottom there, you can see the contribution over the year in the light blue there from Angel Nickel, in March, June, September, December. You can see there in December '22 in the light green far right there 747 tons contribution from Oracle Nickel that will continue to grow. And that bar will look basically identical to the bar next to it, which is the light blue bar, which is the Angel Nickel production. So there's still a significant amount of production that hasn't been translated into EBITDA yet. That will come on in 2023. And as I said, margins are stable at the moment, they're very strong from Angel, we expect similar margins from Oracle. And we're seeing very strong margins from our nickel met from HNI.
We also expect to have our IUI issued or our sales license for Oracle and so we expect to start seeing sales in the second quarter of this year. So we'll see that contribution to our EBITDA coming very soon.
If we could just move to the next slide, please. another record year for the Hengjaya mine, I mentioned 6.8 million tons of our mine, 2.7 million tons of Saprolite sold, and 844,000 tons of limonite sold. Pleasingly limonite, which was previously treated as overburdened and the cost is now making a very strong margin in excess of $10 a ton. And our Saprolite business continues to make strong margins of close to $20 a ton. We are in the process of completing the haul road between our mine and the IMIP. Once that haul road is completed, our target will then be to get towards 10 million wet metric tons per annum of all sales mix of limonite and Saprolite. So using a $10 to $20 margin, you can start to see that the Hengjaya mine really is becoming a material contributor to be the EBITDA of our business.
If we could just move to the next slide, please. I mentioned in the opening, the awarding of Green PROPER Rating for the Hengjaya mine. We're extremely proud of receipt of this award. We are one of only two nickel companies in Indonesia to receive this the other being PT. Vale INCO. The mine really has become so split showpiece for sustainable and responsible mining. We've had numerous Western OEM and EV makers including Tesla come and visit the mine to see what a good nickel laterite mining operation can look like in Indonesia, as numerous customers take more of an interest in upstream and the source of all for the production of nickel metal for particularly for the battery to the battery market.
If we could just move to the next slide, please. I mentioned we released or updated our JORC resource, 300 million dry metric tons of 1.22% or 3.7 million tons of contained nickel metal. You can see where we sit amongst them, the known global nickel resources places is firmly amongst the top 10. There is still upside to that resource. And we will continue to drill that out this year. And hopefully add more terms to that current number.
We're also looking to grow that base from 3.7 via acquisition such as projects as the Siduarsi project. And our aim will be to sit on the world's largest known global nickel resources and we're working very hard on identifying suitable acquisitions. So that we can continue to grow that resource base as it becomes more and more important in the future to ensure that we have the long-term security of supply but not only that, that we are involved in that supply and so that we can ensure that similar to the Hengjaya mine, it's mined in a sustainable and responsible way.
If we could just move to the next slide please. Just quickly quarter-by-quarter. Highlights early in March we completed a U.S.$212 million capital raising fund the acquisition of Oracle and we acquired initial 10%. Both Angel and Oracle had secured material tax concessions 10 years of zero tax, plus a further two years of about 12%. In the June quarter, we changed our name to Nickel Industries, which I said at the opening we felt more reflective of the nature of business. And Angel Nickel received its commercial sales license, which as I mentioned, Oracle Nickel should receive also in the second quarter of this year.
We then continued to increase our interest in Oracle Nickel. We announced the acquisition of the Siduarsi Nickel-Cobalt project, and we released our Maiden Sustainability Report. We look forward again to releasing our met 2022, Maiden Sustainability Report in the coming weeks and a lot more good work has been done over the course of the year.
In September quarter, we signed a term sheet for a 200-MWp solar project. What we find attractive about the solar project is obviously not only the reduction in carbon intensity, but also the fact that it's the power purchase agreement is for 20-to-25 year life at a fixed price without any inflation escalation. And so we see that attractive from the perspective of our power costs will be potentially fixed for that 20-year period, and removed some of the volatility that we saw, particularly last year in coal prices and power prices.
During that quarter, we also increased our ownership in Oracle to 70%. We signed a strategic cooperation agreement with QMB New Energy who has HPAL plant commissioning within IMIP for the construction of a Sulawesi plant to supply significant volumes of limonite to that HPAL plant. And we upgraded the JORC resource which I've just mentioned.
Finally, in the December quarter last year, we switched from the production of MPI to nickel met at Hengjaya nickel, as I said, that's proven very successful given the very strong margins, almost $6,000 a ton for December quarter. We're seeing margins that are in excess of that already for the first month of 2023. So we expect to see very strong continued margins from the nickel met side of the business. I mentioned the new director appointments of Chris and Binghe, and we warmly welcome them and they bring a wealth of experience and insight to the board, the awarding of Green PROPER Rating [Technical Difficulty] which I will now discuss on the next slide.
If you can just move through to the next slide, please. This really what is a transformative transaction. There's a number of other elements to it. But what we'll see is Nickel industries transitioning, and we commenced that already at the end of last year from purely a Class 2 NPI producer, to a diversified producer of Class 2 and Class 1 nickel products, but also a diversified suite of Class 1 nickel products, so that the nickel met, MHP and then nickel cathode, or nickel sulfate in the future. And so that will see us change our production mix somewhat from in over the coming years to about two-thirds of our production being that Class 1 battery nickel metal. And that's really a part of the nickel market that we see a lot of upside and a lot of growth.
Just going through the various elements of agreement. The first was to acquire a 10% interest in the Huayue Nickel Cobalt HPAL project. That project built in a little over 18 months during the pandemic as the world's fastest build lowest CapEx, fastest ramp up and lowest operating costs, along with one of the lowest carbon intensity so less than [10 kind of] [ph] carbon, a ton of nickel. It really is a showpiece of what a successful HPAL plant can look like.
We're delighted to be able to require a 10% interest in that because we believe that what it will do is provide a see through for NIC investors to come to site, such field see what a successfully operating HPAL looks like. The margins are very strong. We've seen months of up to U.S.$10,000 a ton a very low capital intensity. And there really is now I think the next wave of growth in Indonesian nickel will come through these HPAL plants.
This acquisition also gives us access, importantly, to 6000 tons of MHP which we can market. So that will allow us to be able to start and foster relationships with third-party EV and OEMs with a view to potentially bringing them into the much larger HPAL project, which was announced that, again will come with a CapEx guarantee. And I can't stress how important that CapEx guarantee is, particularly if you look across the nickel and lithium space in Australia has been significant CapEx blowouts that have been reported recently by many listed companies some in the order of two to three times magnitude. So that future HPAL project with that CapEx guarantee, name plate guarantee ramp up is about as risk treated, as you'll see for an HPAL project. It's also the same team effectively the built that Huayue Nickel Cobalt project. And so we're obviously delighted to be able to secure that team to build the next generation of HPAL projects in partnership with Tsingshan.
We also increased stake in Oracle Nickel to 80%, U.S.$75 million in cash and that aligns our interests across all of our Oracle [Technical Difficulty] at 80% at 75 million valuation for 10%, almost the same valuation that we initially invested in over a year ago. And again reflects the very strong relationship that we have with Tsingshan, and the value of creating deals that we're able to do with them.
The final element of that agreement was two option payments. One, which is the option for the HPAL, which I've just been through, and that will produce nickel sulfate or nickel cathode. So we'll go further down the value chain and capture more of the margin that would be otherwise realized if we were just producing MHP and an option to invest in constructing a low grade to high grade nickel met converter of about 50,000 ton capacity per annum. And we've obviously seeing the strong margins there, really the only bottleneck to producing more nickel met is that converter capacity.
Finally, we completed a U.S.$471 million capital raised there was a U.S.185 million fully underwritten institutional placement that was very well received the bids into the bookwork were very strong. And I think it was a strong endorsement of the company's strategy with the project on. And we're also going through the final stages awaiting further approval and then shareholder approval for a conditional placement of NIC shares to Shanghai Decent, which will bring their ownership in NIC up to around 28%. We see this as very good. I think it reflects the strength of the relationship. And coming back again, we've been able to successfully grow very rapidly in the Class 2 NPI space has everyone's witnessed through HNI, RNI, ANI and ONI through the very strong relationship that we [indiscernible] we will look to replicate that in the production of Class 1 nickel, as I said that will again come with CapEx guarantees that will undoubtedly come with Tsingshan's execution expertise and speed and ability to ramp up and so we're very much looking forward to that.
That concludes the presentation. So looking in summary 2022 as you've seen from all of the production and financial metrics, very, very strong year. Significant increase on 2021. We expect more of the same in 2023 as we've seen a recovery and strengthening in our margins as we see Oracle Nickel ramping up and we're yet to see the contribution from that. We now look forward to as I said, diversifying our nickel production as we strive to become the world's largest diversified listed nickel producer of Class 1 and Class 2 nickel. The move into the Class 1 nickel will go towards materially reducing our carbon footprint, we will continue to look to grow our resource base and as I said, we have 3.7 million tons of contained nickel metal is not a small number, but we had much larger ambitions to continue to grow that significantly.
And of course, as we've done, we will continue to fund these things in a responsible manner. And obviously look to retain our dividend with a view to growing it at the appropriate time if we see the strength of cash flows that we believe we will see in the future. So with that that concludes the presentation. Thank you everyone. Happy to turn over to Q&A.
Question-and-Answer Session
Operator
Thank you. [Operator Instructions] Your first question comes from Adam Baker from Macquarie.
Adam Baker
Just on Hengjaya, I appreciate you got the haul road under construction, having coming online second half of this year. Just wondering what is happening with the jetty operating at 3.5 million tons per annum when that haul road comes online? Is that Jetty going to shut down? Or is there a potential upside to getting a 13.5 million ton per annum run rate to IMIP?
Justin Werner
We will continue to still operate the jetty, the U.S.$10 million wet metric tons is a target for the haul road timing currently. One of the things that we will need to do is, we will obviously need to just seek and every year we basically submit a plan to the government for what our contended production volumes will be. So we'll obviously look to significantly increase that.
But to answer your question, we are looking at 10 million tons coming down the haul road purely. And with the opportunity to supplement that with additional tons coming through the jetty. So at those sort of numbers that makes us the largest ore supplier to the IMIP.
Adam Baker
Yes, great. And you've obviously got quite a bit of Limonite built up on site there. Is that something you can bring across straightaway? Or is that something you've got to kind of drip feed across? And moving forward to the mid to long-term? The breakdown between Saprolite and Limonite, is that around 40% Saprolite to 60% Limonite? Or how should we be thinking about that in the mid to long-term? Thanks.
Justin Werner
Yes. The breakdown for the haul road for the 10 million tons that I mentioned, we'll be looking at about 6.5 million Limonite, 3.5 million Saprolite. So about those numbers that you've mentioned in terms of it.
Adam Baker
Yes. Awesome. And the FRIB approval, anything getting held up on that end? When can we expect to see that come through? And then I guess when you get that approval, you go straight to the shareholder and vote to the conditional placement there?
Justin Werner
Yes. We don't expect any hurdles. I mean, we've done this before. And so that is imminent. And yes, once we have that related shareholder approval and the independent expert report is basically done.
Operator
Your next question comes from David Coates from Bell Potter Securities.
David Coates
Justin, thanks for the presentation this morning. Great set of results. A couple of questions. Firstly, just on the sales license from Oracle. I think you just mentioned that will be granted for the June quarter. Is that right? And if so, will we see those production from mark the current quarter held over until then as a result of that?
Justin Werner
Best case we may see it, end of March. But my feeling is it may not be issued until the second quarter. So, there may be a pleasant surprises for this quarter, but I don't think it'd be even any material volume. So I would be probably forecasting, I'm seeing sales coming in the second quarter. I certainly wouldn't be putting any down for this quarter. I'd said there may be a pleasant surprise. But given that we're dealing with government bureaucrats, I think, it's safe to look at second quarter.
David Coates
Okay, perfect. Thanks a lot. And secondly, the green award for the Hengjaya Mine. So the mine is sort of a step moved upstream, I guess, you might say from the OEMs where they come in as direct customers. But how important is that you mentioned visit of the site, how important is that in the haul kind of easy supply chain strategy? Or how much weight is does that carry?
Justin Werner
Yes. Look, I think it's probably the most critical element of what is the biggest concern. And I think HPALs have now proven themselves, particularly with HNC, and that carbon intensity, that's one of the lowest globally. I should add that how they're able to achieve that is they have the world's largest sulfuric acid plant, which generates a significant amount of heat in the production of sulfuric acid. And therefore, that allows a lot of the power to be generated simply through that reaction. So the power requirements are very low. They are using dry stack tailings, which is -- that's best in breed for tailings management. So I think the tailings element of HPAL production has also been answered. And so now it's really, what is the source of deal, obviously, given the nature of the mining operations at large areas of land are disturbed. So it's important that these areas are rehabilitated properly. And also, they've mined mine properly, so that you don't see runoff of laterite into rivers and local villages and things like that. So, but very, very important. And so as I said, we be very proud of the fact that our mine is a showpiece and we're getting a lot of recognition, not just the Green PROPER, we've won a raft of awards in 2022 for various initiatives and our operations, including Best Mine Sight rehabilitation from the Forestry Department.
David Coates
Thanks very much. And just finally, I mentioned maiden resource for Siduarsi certainly didn't quite catch the timing on that one later this year.
Justin Werner
Yes. Around middle of this year.
Operator
[Operator Instructions]. Your next question comes from Matt Green from Credit Suisse.
Matt Green
Just to follow on from the Oracle sales license. Is this just a regulatory tightening? Because if I recall, you mentioned the plants operating well above 100 [tons] [ph] kind of capacity. So you don't have to see anything from an operational standpoint, is this just a regulatory process.
Justin Werner
That's correct. So if you look at -- that's Angel, that's operating at 138% of name plate. If you look back at the Angel trajectory, very similar to Oracle, first lines commissioning in end of 2021, wrapped up in the first quarter of 2022 and then was awarded its IUI in the second quarter of 2022. So this is basically following the same trajectory. So we are looking -- it's just a procedural matter. There's almost 100 Arcadia plants in operation across two parts, have all received the license. Basically, all you need to receive See that is to have completed all of the construction because it is unique to the importing of equipment that all of the equipment has now been imported into the country, the application has been made. So purely procedural have been done many times before. So we don't see any issues without being issued, as I said, most likely second quarter.
Matt Green
That's great. Thanks for clarifying, 138 on the Angel. And then just I guess, more longer term, you mentioned going MHP and you've got the potential option to go to nickel sulfate. Do you have a sense of what the conversion cost is? You mentioned you want to capture more that margin. But going all the way to that battery grade itself, do you have a sense as to what type of costs on $1 per pound basis.
Justin Werner
Now, look, we haven't gotten that far down. And in fact, we're not looking to commence the project earliest end of this year, probably beginning of 2024. One of the reasons is that obviously a feasibility study will be undertaken. We will be the first to go further downstream and produce nickel cathode and nickel sulfate. And so at this point, I can't tell you what those anticipated numbers are. But certainly, if you look at the pay abilities, nickel cathode, attracts basically 100% of the LME price equals sulfate trades between sort of premium to deficit. And you may have seen that there's [indiscernible] has now approached the LME, with its own marketable product, which we think is a positive for the LME, because it will start to bring some more meaningful volumes and hopefully return it to a more meaningful market. So, again, we don't have the actual numbers as yet. We will be undertaking the feasibility. But there is certainly significant potential additional margin capture above producing MHP, which can range quite greatly in terms of playability, anywhere from 70% up to 85%, depending on the market, whereas we would expect, certainly cathode would get 100% and sulfate premium or small discounts to LME, depending on the market conditions.
Matt Green
Okay, thanks. I guess, yes, I mean, how are you thinking about? It sounds like it's just go to a sulfate or cathode, I guess in terms of going beyond that into the midstream in terms of precursor active materials. I saw BASF and Eramet investing a bit in MHP plants in Indonesia, are you getting signals from the government as to -- are they wanting to go that extra stage to precursor and obviously, if you're going to be the first mover in potentially producing battery grade sulfates, I would suspect you would be a key contender in and get involved in that that next stage. Is there any sort of commentary you can provide on kind of how you see things panning out?
Justin Werner
We'll look it's a very good question. We are obviously looking for the first mover advantage in terms of sulfate and cathode and obviously a number of large battery producers have broken ground. Hyundai has broken ground on the first electric vehicle plant. We actually just returned from a few days in Shanghai with the Chairman of Tsingshan who took us around, they now have their own battery plants in China producing significant amounts of battery for EV market and also for home use inverters and those types of things for the solar systems. So it's certainly a strategy of Tsingshan, they're looking to diversify further downstream into the battery business. This is really the first sort of step for us still quite a lot to do with the HPAL. But look, we will always look at opportunities if they value a creative. And if we think the way we should take the company but at this stage that focus, the next focus really will be on just executing that nickel sulfate and nickel cathode strategy and then diversifying our production base into more of that Class 2, sorry Class 1 nickel and cobalt space.
Operator
Your next question comes from [Laurence Kennedy from Buxton] [ph].
UnidentifiedAnalyst
Just had -- one a little bit away from the general topic, but Huayue, I think, recent company we have bought into if I'm correct. They have an interest in the massive lithium project in the Democratic Republic of Congo. I think the exposure there is in excess of 2 million shares that may go 250. The average is about 0.78 through a listed company in Melbourne. The project has just been revoked, has anyone been discussing if they were going to be major losses with Huayue, it's a little bit ahead of time hasn't quite been resolved as the DRC have revoked the project. So would it be losses, perhaps handed down in the future, it does occur.
Justin Werner
Yes, thanks, Laurence. We were actually in Shanghai, as I mentioned, just two weeks ago, and the Chairman of Huayue was there. I think similar to the short squeeze to Tsingshan encountered in March of last year, these are companies that have significant operations, talking in terms of billions and very strong balance sheets and good support, and actually support each other. So that, as we all know, projects can be revoked from time-to-time, particularly in jurisdictions such as the Democratic Republic of Congo, so I didn't expect any material impact to Huayue's business. And in fact, the margins on this particular HPAL plant, as I mentioned in excess of $10,000 a ton. But it is an interesting point you raised that a lot of these Chinese companies including Tsingshan has gone into a JV with Eramet in South America in lithium are clearly building up not just supply of nickel and cobalt, but other battery metals. And so I think that indicates where they see the future heading in Indonesia, particularly in terms of development.
UnidentifiedAnalyst
All right. Okay. Well, thank you. I take it that if the project is revoked or has been revoked, there's large exposure. So they might be right up, but thanks for your explanation.
Operator
Thank you. There are no further questions at this time. I'll now hand back to Mr. Werner for closing remarks.
Justin Werner
Thank you, again, everyone. I think, as I said, very, very strong. 2022. We're looking forward to an even stronger 2023 as we continue to go in nickel production now, EBITDA, our Class 1 nickel exposure. And we look forward to reporting a strong set of results for the first quarter of 2023 in the coming weeks, so thank you, everyone, again for your time.
Operator
Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.
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Nickel Industries Limited (NICMF) FY 2022 Earnings Call Transcript