There is one chart in that article (image below) which tells a very grim story about CHN and where it’s SP maybe heading - ie there are very few PGE mines in operation with a grade of less than 3gm/t - look where CHN is “less than 1gm” and even the high grade is less than 2gm/t.
The author stated there is significant downside risk to CHN SP and he prefers a value of closer to $50m (an option value) plus cash. The article is well worth reading as it has number of points I have not seen about CHN. Metal prices and the SS.
ouch!
Ann: Gonneville Nickel-Copper-PGE Project Scoping Study, page-774
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