Work on the Tabba Tabba Pre-Feasibility Study (PFS) is progressing as planned and is around 50% complete. Phase two metallurgical test work is now 75% complete, and we note that our development scenario assumes a 69% lithia recovery rate. WC8 is assessing the potential to develop Tabba Tabba in two phases. The first phase will have an initial capacity of 2.2mtpa with a second stage expanding process plant capacity to 4.5mtpa. WC8 has also recently secured key general purposes leases at Bolt Cutter, which provide a location option for key process infrastructure. The release of the pre-feasibility study will confirm capital and operating costs and presents a key catalyst for WC8 in 2025. We reiterate our SPEC BUY rating and A$0.60 price target.
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