Chalice Mining's enhanced metallurgical processing at the Gonneville deposit is yielding results, with the test work showing improved recovery of palladium (2%), nickel (5%), platinum (2%), gold (3%), while copper was flat.

Morgans notes the data also showed recovery of a saleable iron byproduct. The broker lifted recovery assumptions in the forecasts, but remains conservative on the byproduct potential and has not factored it in for now

Speculative Buy. Target rises to $2.90 from $2.80.

Sector: Materials.

Target price is $2.90.Current Price is $1.02. Difference: $1.88 - (brackets indicate current price is over target). If CHN meets the Morgans target it will return approximately 65% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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