Trading day running commentary, page-4605

A new Sprott repot not on website yet.

Their NPV is higher at AUD1.343bn versus CTM AUD997m. Seems predominantly related to their NP assumption SCP of USD20944, CTM of USD19,800

And taken from their recent presso, there is qwuite a bit of upside to the (now published) DFS regarding underground mining, mine sequencing/ Mine plan optimisation, additional 50klm of drilling not included in the recent MRE.

I guess they are wanting to give us some upside over the next few months until FID occurs.

SCP haven't modelled any sell down of Jag despite CTM are stating they are looking to do so.

I would personally prefer if they did sell down up to 49.9% of this asset (provided the price is right) and then they could deploy some of that capital to negotiating with BHP about their Brazil Copper assets. Not too sure what BHP's assets are worth, but a conversation is worth having with BHP, IMO.

Sprott - CTM Analyst 240702.pdf