AMN continues to make good progress on its Lake Mackay Sulphate of Potash (SOP) project. AMN was spending $4m a quarter on the DFS and had $8.8m in the bank at the start of the current quarter. The company is doing a small scale pond evaporation trial and an evaporation monitoring trial. The observed evaporation rates are greater than those modelled in the PFS. Designing of the transport solution is ongoing, and the project has been referred to the EPA for assessment. We maintain our Speculative Buy Recommendation on AMN with a $0.94 price target
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