The results from the infill drilling program at CV5 continue to highlight the quality of the deposit, particularly within the high-grade core. The release of the feasibility study and maiden reserve before the end of September 2025 present a key catalyst for PMT this year. Drill results from the CV13 and regional program could also provide positive news flow ahead of the feasibility study release. Our development scenario for Shaakichiuwaanaan assumes a mining inventory of 103mt @ 1.32% Li2O and variance between this estimate and the maiden reserve presents a key risk to our base case valuation for PMT. We note that our development scenario assumes only CV5 is mined, with upside from CV13 We reiterate our BUY rating on PMT and A$1.00 and C$9.00 price targets.
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