CTM Chart 2022, page-8

Some more comparisons for CTM v Nickel Price v BSX...

CTM = candles
Nickel Price = Blue
BSX = Purple

for the calendar year 2021 plus Jan 2022



6 month period plus Jan 2022



3 month period plus Jan 2022



Clearly BSX has outperformed CTM over all time periods. Some will say rightfully so, others wont.

For the record, I own a small amount of BSX shares.

Up until end-Sep, CTM / BSX were tracking well, but since then, BSX has exceeded the pre-run-up price (of $0.44) awaiting news on the UBU, but more recently the gap to CTM is narrowing.

For CTM, timelines are very clear for enviro permit, Installation License and Mining lease. I am not so clear on BSX's gantt chart, other than to say they will be producing in end-2024 / start-2025...same time as CTM is stating. On this point, CTM submitted their EIA on August 13, 2021 and are 5 months in, out of the 12 month assessment period.

Both have UBU and DBU.....but for me, CTM seems to have less moving parts...can't really say why, but that's what it seems like to me....a simpler project implementation overall, IMO. Maybe its the unknown % of project selldown BSX are envisaging, maybe its the number of offtakers

CTM MC = $381m
BSX MC = $263m

Nearly forgot to mention...can't wait for Flash to give us an announcement (or suggestion) of what the new plant size, production tonnes / grades will be, given studies were to start in Jan 2022..don't want to wait for the DFS in Q4 2022 to know this.

But in parallel to all this, CTM must walk the responsible game here and get local residents, local government and other government authorities on board. I can't fault CTM's professional staged approach here. It is very impressive indeed.