SO4 have drilled and pump tested the initial brine extraction bore for the Lake Way SOP project. Over 17 days the bore flowed at a constant 18 litres per second with a Potassium grade of 15.9kg/m3 of SOP which is at a rate and grade higher compared to what was modelled in the BFS study. It was also observed that brine is draining from the overlying clay into the basal sands providing a level of recharge to the basal sands. This is a key positive in terms as it could impact the number of bores needed and be a positive for the mine life. Bores have been completed on two additional pads and test pumping is imminent. We maintain our BUY recommendation and $1.31 price target.
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