Yes unfortunately the release of the Quarterly Activities...

Yes unfortunately the release of the Quarterly Activities report as a clear missed opportunity to leveraged the SP forward's in respect to the pending ...specifically on Itapitanga and Simulus.

Make no mistake , I've more recently been of the opinion that the ' Value ADD ' with respect to driving the SP forwards to my estimated 3.3 cents will initially and definitely be stimulated from the advancement of the Jambreiro IO project. However , the missed opportunity in my mind comes from the clear fact of the backdrop of increasing Nickel Prices ......and hence , I too am of the view that we the shareholders .....and to an extent ( CTM management et al ) are being somewhat ' Managed ' and hostage to Simulus ..... and I don't much like being in that position. If you think about it though , it would make perfect sense that whilst increases in the Nickel Prices albeit based on falling LME stocks etc....etc and pending market news emanating out of Indonesia , that the price rise has yet to show that the run-up has genuine legs and is sustainable at the present moment.

So why I guess upset the apple cart when perhaps sensitive ' funding ' negotiations are ongoing through other associated relationships that Simulus has going at the moment.

Having said that , my biggest take away from the overview of Itapitanga in the Quarterly report is the fact that they have basically indicated to us that the project is economically viable through Simulus's recommended ' Modular ' processes and flow design .....at 300ktpa – 1Mtpa :-

" The review highlights the case for the relatively small-scale operations in the range of 300ktpa – 1Mtpa and Simulus have advised that the Itapitanga Project Scoping Study will focus on a plant size in this range."

I am also encouraged from their statement ( below ) that the work done to date potentially represents at the very least a more ' fast -tracked ' pathway to a PFS ....and therefore should any testing produce a possible offtake arrangement ....perhaps even a faster road to a final BFS than would otherwise be expected.

" Whilst the Scoping Study has taken more time to pull together than originally anticipated, significant design and optimisation work has been completed that goes significantly past the traditional definition of a Scoping Study. All of the work completed during the June quarter has been essential to determining the optimal flowsheet, product specification, plant size and implementation strategy that will deliver the best economics over the longer term. "

So I guess what I am eluding to here is that you can perhaps or indeed learn from others experiences and improve the overall results in the marketplace for your products....... not to mention the many cost savings which can be built into CTM's 3 pronged project approach in the same geographical mining region.

Hopefully , the market will continue to recognize these points in continuing the re-rate in the SP to a more reflective ' fair value ' for these assets. GLTAH's