Broker research report

Excerpts from a recent Bell Potter report:
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We think the Julimar discovery has all the hallmarks of being one of the great mineral discoveries of the last few decades. From having been involved in the later part of the Olympic Dam discovery and its early development, the writer believes Julimar has the potential to support the development of a new world-scale mining, smelting and refining complex delivering pure or high value end products for the whole suite of base and precious metals - Ni, Cu, Co, PGEs and Au - seen in mineralisation. We believe there is more than enough early stage evidence in the form of the extensive intersections and preliminary metallurgical testwork to support a very large, high unit value mineral inventory to warrant total metal extraction on an economic basis, even allowing for the fact that PGE recoveries have much higher costs than for gold.
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Investment Thesis: The latest exploration results at CHN’s extraordinary Julimar Ni-Cu-PGE discovery point to it being a much larger, clearly world class one than was indicated by the spectacular results from only the Gonneville area, which has been the focus of exploration to date. We see the company as very well funded and positioned for ongoing exploration success at Julimar.