Ann: 75,000m of Drilling to Drive Jaguar Towards Production, page-38

CTM is past of the point of needing additional pounds in the ground to hit critical mass (they are already there), so I think this is more about knowing there is so much low hanging fruit to add to existing, that they can justify spending the money as they know they will get good results. We are as certain as you could be that there are going to be lots more splashy results. As for the next 3-6 months though – again, short term, who knows. Its CHEAP and one of the best undeveloped nickel deposits in the world today. Looking out 2-5 years, unless the world implodes, we are very confident this will be much higher. Think long term on this one. ADT – bit of both. The land package expansion has been one of the key pieces of the puzzle we have been waiting for. Whilst relatively benign at face value, we think this will open up the company to potentially much better companies, who love district scale land packages. This, along with the looming PFS, should open the door for other potential bidders, other than Sandfire. Cheers,