"We're a producer and highly highly (did I say highly) leveraged to the price of Ni."

Highly!

From the McWatters Ni43-101, estimated at $12.50 nickel:

Tonnes of Ni sold: 5,232.15
Total Revenue: $107,165,695

Nickel prices at $10/lb drops revenue down to $85 million, kissing $22 million in cash and profits goodbye.

Still, the return, even at $30 million or so (instead of $54 million at $12.50 nickel), over the life of McWatters is still significant and could amount to around $0.40 per share. This, added to the value of the assets and Redstone profits/cash flow and future potential of our other properties (the exploration of which being largely funded from internal cash flows), gives us incredible value at our current share price.

I agree with your opinion that nickel prices are reaching a bottom; I can't see them dropping much further for long (maybe down to $9 short term and then bounce back up) as the low prices are going to spur on a lot of buying and deplete inventories quickly. While the stainless steel market has suffered setbacks from the spike in nickel prices last year, there is still a healthy and growing demand for the product.