SO4 is making rapid and significant progress in the development of the Lake Way SOP project. Construction of the Lake Way commercial scale ponds for the dewatering of the Williamson Pit has started. A JORC resource of 8.2 Mt of SOP was released during the quarter, and this resource would support a long-life commercial-scale project. SO4 spent $5.1m last quarter on development activities and company administration and had $6.8m in the bank at the end of the quarter. We maintain our Speculative Buy Recommendation.
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