PMT has upgraded the resource at its Shaakichiuwaanaan Lithium project in Québec, Canada, to 142.6mt @ 1.38% Li2O. The ~30% increase in the resource was driven by an upgrade to the CV5 Pegmatite and a maiden resource for the CV13 Pegmatite. The grade-tonnage curve demonstrates the flexibility of the deposit, which we believe has the ability to be developed in practically any lithium pricing environment, with smaller scale, high-grade options available. The release of an exploration target has demonstrated the world-class potential of Shaakichiuwaanaan and could eventually yield a resource of +300mt @ 1.4% Li2O. The release of the Preliminary Economic Assessment in September presents a key near-term catalyst for PMT, and we reiterate our BUY rating. Our ASX price target is unchanged at A$1.10, while our TSX target falls 2% to C$10.00 due to declining spot prices.
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