Ann: Beyondie SOP Project - Commissioning Update, page-51

Morgans	29/07/2021	1	Add	$0.29	20.83%
COMMENTARY In the wake of a fourth quarter activities report, Morgans maintains its current production forecasts, awaiting further detail on expansion plans and associated costs. The broker maintains its Add rating and $0.29 target price. Management announced the Beyondie project is 90% complete. With 60kt of salt stockpiled in preparation for production, the company appears well placed for commissioning, suggests the analyst. The broker wants to see further detail on the 120ktpa expansion study, and any financing associated with it, before adjusting any base case assumptions. FORECAST Morgans forecasts a full yearFY21dividend of0.00cents and EPS of0.00cents. Morgans forecasts a full yearFY22dividend of0.00cents and EPS ofminus -1.90cents.