We attended a site tour of CHN’s Gonneville project. CHN has defined a large and, what we believe to be, a globally significant project in PGEs. Since the initial large-scale development scoping study, CHN has reassessed the scope of the project and is working toward a Pre-Feasibility Study (PFS) which is to include a targeted smaller and higher-grade initial phase. CHN has reiterated its target of releasing the PFS in the middle of 2025, at which stage we expect the MoU with Mitsubishi Corporation to be converted to a binding partnership with a strategic investment. CHN had A$89m in cash at the end of June, leaving the company well-funded to complete the PFS over the next twelve months. We reiterate our SPEC BUY rating and A$2.20 price target.
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