SO4 is making good progress with the construction of the Lake Way project and elements of the final production infrastructure are already in place. GR Engineering (GNG) will mobilise to the site to begin plant construction in the new year. SO4 is expecting to finalise off-take agreements shortly, as this is a Condition Precedent (CP) for the drawn down of the US$150 facility. In our view SO4 offers a compelling Environmental Social and Governance (ESG) investment opportunity due to the low environmental footprint of the project and the positive impact SOP will have on diets and nutrition. We maintain our BUY recommendation and price target of $1.71p/s.
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