SO4 has completed the off lake civil construction works and work on the next stage of construction is underway. The evaporation ponds, which are being fed from the trenches, are ramping up to steady-state commercial-scale operations. The SOP prices seem to be resilient and stable in the current environment along with other soft commodities which have performed well YTD. SO4 has implemented mitigation strategies to deal with COVID-19 but operations have not been impacted at this point. We maintain our BUY recommendation with a $1.71 TP.
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