Ann: Jaguar Project - RIU Conference Presentation, page-7

no it wasnt. yes there will be optimisation adjustments but what we dont want to see is more slippage in the timeline towards first production (now out to 1H26). we've already slipped from 2024 to 2026 and we can all agree that we dont want to see another blow out from 2026 to 2028!

to limit any more slippage, they need to be on top of everything and more so, ahead of possible curveballs. i hope they have contingency plans in place. i would be very upset if they didnt given the amount of internal mouths being fed at ctm (not to mention the external contracted parties)

on the point about assuming a higher nickel price for potential future returns, dont forget that inputs will be higher as well (simply because of inflation at the very least). it would be better to think about it in terms of margin but i do take the point that there is possible cream to be had for a premium product

the biggest risk for us now is whether this management team can get jag into production by june 2026 with minimal fuss and within budget. against a background of delay after delay, their next big test is getting the dfs over the line by june 2023 (without raising any more funds). hopefully we dont need to raise funds until after fid