Nickel macro sentiment has driven CTM’s share price southward we maintain high conviction on the quality of the Jaguar Nickel Sulphide Project. The Jaguar Definitive Feasibility Study is expected by mid-year and will assess the viability of producing a saleable nickel sulphide concentrate. Suspension of plans for pressure oxidation and hydrometallurgical refinement for nickel battery metals will reduce both upfront capital requirements and technical risk. Production of a concentrate lowers metal payabilities and revenues. While nickel sentiment has soured, pricing remains strong, trading at over US$18,000/t, and higher than our long-term real price of $17,769/t. CTM’s 100% owned Jambreiro remains under appreciated by the market. The Boi Novo exploration project has the potential to yield a significant copper-gold discovery.
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