WC8 is advancing work on the Tabba Tabba Pre-Feasibility Study (PFS), which is due to be released in the middle of this year. The maiden resource was released in November 2024 and Phase 2 metallurgical test work is ongoing. The completion and release of PFS for Tabba Tabba presents a key near-term catalyst for WC8. Our base case development scenario for the project assumes a staged expansion to 4.0mtpa processing capacity, and a mining inventory of 60mt @ 0.90% Li2O, which will yield ~450ktpa of 5.5% Li2O grade spodumene concentrate. We reiterate our SPEC BUY rating ahead of the release of the PFS, trimming our price target 8% to A$0.55 due to increased equity dilution in our development funding assumptions due to the decline in WC8’s share price.
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