Work on the Shaakichiuwaanaan feasibility study is progressing as planned and remains on track for completion in September 2025. PMT noted that the key assumptions in the feasibility study are expected to closely match the Preliminary Economic Assessment (PEA) in terms of staged development of process plant capacity and the use of Dense Media Separation (DMS) as the primary process route to produce spodumene concentrate. Work is also advancing on accelerating an underground development of the high-grade Nova Zone, which could bring forward higher-grade ore into the production profile. PMT remains well funded post the strategic investment by Volkswagen. Exploration results from the regional program testing for extensions between CV5 and CV13 remain a key potential near-term catalyst for PMT. We are reiterating our BUY rating but trim our ASX and TSX price targets by 5% and 4% to A$0.95 and C$8.60 due to recent declines in spot spodumene prices.
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