WC8 is rapidly advancing a pre-feasibility study (PFS) on its Tabba Tabba spodumene project. The release of a maiden resource of 74.1mt @ 1.0% Li2O in November was a major milestone for the company and was the first key step in advancing the PFS. The Tabba Tabba project is located on a granted mining lease, providing a shorter timeframe to production. The company has completed ~115,000m of drilling at Tabba Tabba and there remains significant scope for additional discoveries across its 1,390km2 tenement holding. WC8 is well funded with cash of A$63.6m at the end of December. Advancing the pre-feasibility study presents a key near-term catalyst for the stock along with further rises in spot spodumene prices. We reiterate our SPEC BUY rating and A$0.60 price target, with updates on the progress of the pre-feasibility study expected mid-year.
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