Trading day running commentary, page-3464

By way of comparison....CTM V CHN

The higher grade Chalice Mining's Gonneville resource is well and truly comparable (except that Jaguar is a pure Nickel play) whereas Gonneville is a polymetallic resource. Chalice are plugging it to be a ~1% Ni-Eq. resource. CTM is a ~0.91% nickel resource.

Chalice wont need to look at the lower grade stuff for a very long time and can focus most of its efforts on this higher grade component (provided it is easily mineable and in a relatively compact area for extraction). Although I'm sure there will be some blending of the lower to get a consistent grade through its mine, but that is speculation on my part.

The point is, Jaguar is stacking up every bit as good as Chalice's higher grade and is a pure nickel play!

You'd be thinking that Chalice should be running at least a 4Mtpa plat to get through the high grade stuff over 20 years...could be higher.







And just so that we are being comparable, below is Jaguars resource based on the various cut-off grades. Chalice are using 0.6% for the Ni-Eq cut-off grade...so using CTM's comparably cut-off grade we are at 55Mt @ 1.11% Ni for 612,000 tonnes of gross contained nickel. Not bad...

Shove that into your valuation model and see where CTM should be valued at...aaaaaaaand, we are about to cough up another MRE which will improve (you'd think!) the figure already presented here.

And foremost, I prefer our pure play to a polymetallic any day of the week.