Ann: Jaguar Drill Results Highlight Exceptional Growth Outlook, page-26

I checked the annual reports of Vale and it looks like they are primarily focussed on Iron ore. 80% of their revenue and over 90% of their profits come from ferrous minerals and nickel is only 8% of their business, so probably that's why made the decision not to develop this project any further.

They sold Jaguar in 2020 for $10.3m with a JORC of 40.4m at 0.78%, which was 315kt contained nickel at the time. CTM basically bought this project for pennies and doubled the resource and increase the Ni grade by 15% in less than 2 years.

According to the latest scoping study, Vale and CTM do have a Sale and Purchase Agreement (SPA), wherby Vale have the first right to up to 100% of offtake priced on arm's length basis. Looks like it's a win-win situation for both parties?