Trading day running commentary, page-4168

Not sure if anyone has cottoned onto the fact that back on 13/6//2023 Sprott has amended their assumptions in their model that plant size would be increased to 3.6Mtpa (from 2.7Mtpa) and that ore sorting is to be dispensed with.

You think that they would only do this with some level of certainty advised by CTM. But it is odd that Canaccord, Argonaut and Euroz in their subsequent research notes to Sprott's, do not take the same view of plant size. And when you look at plant design and flowsheet which the DFS will publish in Q4 2023 (taken from 28/6/2023 presso...CTM's latest presso) it does look that CTM has deleted the ore sorting, but not published increased the plant size...

So its a bit disjointed to say the least...




Coupled with this change in capex requirements, has been a revised NAV multiple 0.6x to 0.5x and also an increase in Opex by 20%...the net result is a revised price target from the lofty $3.10 to $2.30, which accords more closely with the local brokers.

Sprott - CTM Analyst 230613.pdf

So when will CTM 'fess up of the plant size increase? Maybe there isn't one...!