CHN is continuing to progress the Gonneville pre-feasibility study, which remains on track for completion by the middle of 2025. Current work is focused on refining the preferred development case, which we expect will see a smaller scale, lower capex option progressed for Stage 1 producing two separate copper and nickel concentrates, with palladium reporting to a mixed of both concentrates and a PGE doré. CHN remains well funded with A$80m in cash at the end of December, with only A$6m of expenditure remaining to complete the pre-feasibility study. We believe CHN can deliver a lower capital cost outcome for the Stage 1 development of Gonneville, with a simplified concentrate only flow sheet and we are reiterating our SPEC BUY rating on the stock. Our price target rises 5% to A$2.20 due to recent rises in CHN’s key commodity prices.
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