SO4 is making impressive progress on its Lake Way SOP project. Construction of the ponds system, trench system and gathering infrastructure is progressing well. The project is well-funded thanks to the Taurus debt facility and shareholder funds. We expect the pace of work to continue as SO4 completes the pond system, the brine extraction infrastructure cumulating in plant commissioning in the last quarter of the calendar year. We reiterate our Buy recommendation and price target of $1.71.

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