Drilling at the Vega Zone at CV13 continues to deliver some impressive results, which included an intersection of 9.7m @ 5.16% Li2O. The ultra-high-grade Vega Zone looks well suited to be mined via a shallow open pit, with mineralisation now defined over a 380m x 220m area and is flat lying and boasts a thickness of 8-30m. We believe the Vega Zone could provide high-grade feed for the Corvette project in the early years. Our development scenario for Corvette is based on an open pit and underground mining only the CV5 deposit. We are reiterating our BUY rating on PMT/PMET but lower our price targets ~15% to A$1.10 and C$10.20 due to increased equity dilution in our funding assumptions due to the weaker share price.
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