Ann: New High-Grade Results Reinforce Scale and Quality of Jaguar, page-38

they are biased as they hold a ton of CTM. the reality of the situation (which they conveniently don't talk about) is that Jag (through CTM) is ostensibly controlled by CVRD. that is why CTM is trading at a substantial discount. the resource is locked up by CVRD through the offtake. in time, as it nears production, CTM will realise its value because the offtake will be on market terms. if you're playing the long game the undervalued CTM is an opportunity to scoop up as as many as you can for the big pay day in 2-3 years time. if you rewatch flash's last public interview, when asked about this he squirms and blushingly dances around the offtake with CVRD whilst bordering on giggling like a teenage girl