We are initiating coverage on CHN with a Spec Buy rating and set a A$2.20 price target. CHN’s share price has fallen ~65% since the scoping study on a large-scale development of the Gonneville deposit was released. We believe there is a pathway to production through a smaller scale, higher grade development of the project. We have outlined a development scenario, which delivers an IRR of 27% using Argonaut forecasts, and importantly, 15% at current spot prices.
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