Analyst report from RCR on AUZ

Have copied below from research reportfrom RCR on AuZ. But where is Hartleys on PGM?
Investment Comment:​

AUZ has two advanced, high potential Australian based projects in the rapidly growing technology metals space: battery materials – cobalt and nickel; and scandium oxide for the automotive sector. The Sconi Project (QLD) is comparable in scale and scope to the Syerston Project (ASX:CLQ), and has all mining and environmental approvals in place. Fast track development potential; BFS Apr '18. The Flemington Project (NSW) is a look alike extension of the Syerston deposit; resource expected 3Q17. With off-take agreements anticipated 1Q18 and a mkt cap of $48M, AUZ has excellent potential for significant re-rating. 12 month price target >$0.040/share.

Investment points:​

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Sconi Cobalt-Nickel-Scandium Project (QLD, AUZ 100%): Mining Lease and Environmental Licence granted. CSA Global led BFS expected 2Q18. Sconi project: average feed grade of 0.11% cobalt and 0.81% nickelfor the Life of Mine (>20years), with 54,500t of contained cobalt in resource. Positive economics. Exploration footprint expanded 10 fold (Jun '17). Flemington Cobalt-Scandium-Nickel Project (NSW, AUZ 0/100%):Western extension of advanced Syerston Project (ASX:CLQ). Cobalt JORC resource expected 3Q17; extension drilling 4Q17; PFS expected Apr '18. Demonstration plant: On track for completion Nov '17. Production of commercial grade cobalt sulphate, nickel sulphate and scandium oxide from bulk samples from Sconi and Flemington projects. Off-take discussions: AUZ is in discussion with 9 potential off-take customers and a number of potential strategic investors. Potential off-take agreement and strategic partner anticipated 1Q18. Thackaringa Cobalt Project (NSW, AUZ 100%): Along strike from adjacent Thackaringa project (ASX:COB; 54.9Mt at 910ppm Co). Drilling likely 1Q18. Cobalt price leverage: spot price of cobalt near 10 year high: ~US$27/lb; due to supply squeeze following ban on select African conflict minerals and high demand growth from batteries. Nickel spot price US$4.93/lb. 6 to 12 month share price catalysts: Sconi BFS Apr '18; demonstration plant product delivery 4Q17; potential strategic partner and off-take agreement 1Q18. Flemington expected JORC resource 3Q17; further extension drilling and potential resource upgrade 4Q17; PFS 2Q18.

Analyst: John Wilson