Lithium prices, and related equities, have been under material pressure over the last 18 months. However given EV demand continues to grow, a destocking across the supply chain, and curtailment of producing supply and delays in potential supply; we believe the market has bottomed and there is upside for lithium and the respective producers from here. A scenario analysis suggests PLS, IGO and LTR are pricing in spodumene prices of US$1,000-1,250/t. We maintain our positive views (and BUY recommendations) across our covered lithium producers. PMT is a key pick in the developer stage.
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