Ann: Technical Approval of Mining Lease Application for Jaguar, page-8

As far as I can tell, it's continued reporting that there is a Nickel over-supply coupled with lack of demand. It's the same broken narrative as they're using for oil and natural gas which continue to be held back while there are wars on and the US is experiencing sub-zero temperatures. It's nuts.
To your point though, it's not the Nickel price only, but Nickel 'sentiment' as well. Add EV 'sentiment' too as we find out Hertz is selling 1/3 of it's electric cars to replace with petrol. Add rumours of batteries not needing Nickel in the future. Add the LME/Tsingshan debacle. Add interest rate hikes. Now add lack of CTM management update frequency. Add delays. Presto, we have our share price.
I have no idea just how much of it is down to the management, probably 15%, they aren't doing anything wrong as such. The biggest issue is the rumour of over-supply. It's affecting the entire Nickel industry, all the Nickel stocks, not just ours.
Here is CTM versus Chalice Mining (orange solid) percentage change since the 'peak' in Nickel. Apart from our DFS delay announcement, see how they have reacted the same otherwise? Especially recently.