CHN chart, page-5259

If we can recall ............. when we last left our heroes the Scoping Study couldn't be completed because the resource base was growing so much and so fast.

On 13 December 2022 it was announced: "To fully evaluate options, the Scoping Study will be extended to allow the new metallurgical testwork results and the updated Resource to be modelled and incorporated.« A revised study completion timeline will be determined once the Resource is updated in late Q1 2023.

In late Q1, on 28 March, a 50% increase in the Gonneville resource to 3mt NiEq was announced but no timeline for SS completion was discussed. Instead it was stated: "Because of the sheer size and quality of the Resource and the significant level of inbound inquiries we have received from a range of downstream, trading and end-user parties, the Board has decided to commence a formal strategic partnering process for the Julimar Project. This process will consider a broad range of potential transactions with the aim of maximising shareholder value and will continue in parallel with the ongoing Scoping Study.

“It is also evident from recent exploration results that there is enormous growth potential both at depth at Gonneville and along the effectively untested Julimar Complex to the north. While we already have a tier-1 scale deposit which has the potential to underpin a world-class, long-life green metals project, the Resource base is expected to continue to grow. Our multi-pronged exploration campaign will therefore continue over the coming months as we work to unlock the full potential of the 30km long Julimar Complex.

“This means that shareholders and stakeholders can look forward to several parallel news-flow streams in the months ahead – from ongoing development studies, from the strategic partnering process, and from ongoing exploration aimed at further expanding the Resource and unlocking new discoveries".

It is now 4 months since that was announced. With no SS and no increase in the resource base since 28 March, what are suitors using to determine the value (to them) of the project? And what IS the actual size of the project in any event?