The development of the Lake Way project is progressing well. When compared to the published project timeline, the project is on schedule with the commissioning of the plant expected at the end of the calendar year. Due to the uncertainty in the current environment, we have revisited the financing assumptions in our SO4 model, and we have repriced any new capital that may need to be raised to be in line with the current market conditions. We, therefore, retain our BUY recommendation and reduce our target price from $1.71 to $1.31 p/s due to the dilutionary impact.
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