"APC is still undervalued on peer metrics (with better logistics, lower expected capex, and simple abstraction method) and should continue to be re-rated as the project is de-risked by development studies. "
"APC’s immediate ASX brine peers (RWD, SO4, AMN) are trading at significant market capitalisation premiums, some 2.7-3.9x higher than APC, which in our opinion appears unjustified. "
"With strong flow rates now demonstrated from the maiden test pumping we look forward to the release of the Scoping Study. "
"We maintain our Speculative Buy recommendation on APC, with a 12-month price target of 29cps. APC’s current cash positioned is just over A$5m. "
Scoping study due in March quarter. Inside ownership strong, Mark Creasy on share register, other big names accumulating.
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