They are all assumptions from Macquarie, not company gospel.
The IB's will naturally be conservative.
I think a price target of 28c is a cracking outcome from Macquarie.
I guess it's all relative though. I bought at 4c and 5c not in the mid 20's which if I did, I might be thinking 28c isn't great
BKT research / Graphite sector research, page-528
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