We attended a site tour to PMT’s Shaakichiuwaanaan spodumene project in Québec. The site tour reaffirmed our view of the scale and quality of the project, which places it firmly in the Tier 1 category for undeveloped spodumene projects globally. Drilling is largely focused on infill, which will likely facilitate upgrades to the CV5 resource estimate, particularly the underground Nova Zone. The winter drill program is expected to focus on further testing for extensions of the resources at CV5, and some of the regional targets. We have lowered our ASX and TSX price targets by 9% and 10% to A$1.00 and C$9.00 to incorporate increased equity dilution due to the decline in the share price. We continue to believe Shaakichiuwaanaan’s scale and development potential as attractive, both as a standalone development and to potential acquirers and reiterate our BUY rating
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