Ann: Seismic Identifies Potential 1.6km Extension of Gonneville, page-44

A few key words that shareholders (nor even companys) consider at this early pre feasibility stage are....mineable" and "recoverable".

The knowns about Gonneville say the resource is 0.77% Pd, and 0.16 Ni. with expected recovery of 70% and 55%.
This gives effective grades of 0.53% Pd and 0.08% Ni. That's the KNOWNS, without taking into account the yet to be defined mineability. This looks very marginal when compared to CHN's peers in South Africa or Russia. And if CHN cant actually extract pure metal themselves they will have to accept a discounted price for metal in concentrate.

CHN's delay in completing the scoping study is perhaps the first warning sign that things are not going as they would like. So by hinting at a higher grade starter pit they are probably only lowering shareholder expectations to a more realistic level.