We are initiating coverage on Patriot Battery Metals (PMT AU, PMET CN) with a BUY rating and set ASX and TSX price targets of A$1.80 and C$16.00. PMT’s Corvette spodumene project is an emerging Tier 1 asset, underpinned by its long-life, low cost and expandable characteristics. In just the first two years since discovery, PMT delivered a world class resource of 109mt @ 1.42% Li2O, and we believe further drilling is likely to push the resource to ~150mt over the next 12 months. We envisage a development that mines from both open pit and underground in our base case, allowing early access to the Nova Zone and delivering 1.0mtpa of spodumene concentrate. The pathway to production is long, with first spodumene not expected to occur until 2030. The regional exploration at Corvette is significant, and we believe could enable satellite production hubs over time.
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