Ann: Drilling Confirms Significant Ni-Co Discovery at Itapitanga, page-119

Overall the intersections aren't as wide as i was hoping and nickel grades not as high. Really need the saprolite zone to thicken up as that's where the best Ni grades will be, cobalt grades are typically better in the upper limonite zone in laterite deposits. Be interesting to see what the other cross-sections look like but the overall laterite profile looks to be getting thicker to the west so when the marked swampy areas dry out enough for access i'd expect some good intersections there, the flipside is that the saprolite zone seems to pinch off towards the west. So the bulk tonnage might increase, with slightly higher cobalt grades but nickel grades might not increase too much. Having said that, this is early days and there's a heap of results to come so not too concerned, the northern part of the northern target looks promising and should get results soon as a bunch of those holes have already been drilled.

This reminds me of AUZ over the last couple of years - sat at a low MC despite having 2 large-ton laterite deposits and being significantly undervalued against its neighbor. Then last September it took off and 8-bagged in a month. Except I think there's more upside here from Salobo/Pebas etc. As has been mentioned, laterite deposits are notoriously expensive to bring into production but having other projects gives some different development options in the event the exploration is a success.