CHN is progressing the Pre-Feasibility Study (PFS) on the Gonneville PGE-N-Cu-Co project. The PFS will assess a development of Gonneville in two stages, a 3.5-year higher-grade open pit phase and then a larger bulk mining open pit phase, with potential to extend life into a bulk underground in the long-term. Recent metallurgical test work unlocked the processing of lower grade ore into a saleable nickel concentrate, which will enable a simplified concentrate only process flow sheet to be designed for the project. The preferred development case is expected to be released prior to the PFS and should provide greater clarity on the development pathway for Gonneville. The release of the PFS presents the key catalyst for CHN in CY25. We are reiterating our SPEC BUY rating, lifting our price target 8% due to recent rises in PGE and copper prices.
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