NTU has updated the MRE at Wolverine, lifting the contained metal by ~15%. This will underpin the updated Feasibility Study in the near-term, which we view as a key catalyst. The unique heavy assemblage makes it attractive and complementary to typical higher NdPr feedstocks, which underpins the long-term supply agreement NTU has with Iluka’s Eneabba facility. We maintain our SPEC BUY rating on NTU, with an update on the studies and funding key near-term catalysts.v
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