We are initiating coverage on Wildcat Resources (WC8) with a SPEC BUY rating and a A$0.70 price target. Since discovering the Tabba Tabba spodumene project in September 2023, WC8 has drilled over 115,000m, successfully defining several large spodumene bearing pegmatites. The release of a maiden resource later this year presents a key near-term catalyst for the stock and our Leapfrog model outlines a potential resource of 65mt @ 1.0% Li2O. We incorporate a staged development of Tabba Tabba in our base case, which should deliver ~500ktpa of 5.5% Li2O spodumene concentrate over time with first production commencing in FY29.
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