Stock price when the opinion was issued
It is certainly not beyond possibility. Bloomberg default ratio is 7.36%, which is very high for that indicator. Cash flow was negative in the last quarter, yet 12-month interest expenses were $36.1M net. With its small size and Cuban and other issues, we are not sure it could raise a lot of money with a dilutive equity issue. Most debt matures in 2026. Certainly any investment here needs to be considered extremely risky.
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If you are bullish on Nickel it is one of the more direct ways to play it. He does not favour it and is not bullish on nickel. Prefers Hud Bay or First Quantum.