Feels like the next wave of good news may be imminent
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Valuation and recommendation: The discovery of lithium at Tabba Tabba is in its infancy but already appears to have significant scale potential. Coupled with the strategic location of the project on granted Mining Leases; in a Tier 1 jurisdiction that already hosts world-class lithium mines, we believe this bodes extremely well for WC8. Our Resource Multiple valuation methodology assesses a number of global, hard rock lithium projects as well as the recent, ongoing acquisition price by SQM and implied price for Azure Minerals (AZS-ASX: $3.63 | SPEC BUY, TP $3.95) based on substantial on-market buying by MIN averaging $3.66/share for AZS since October 2023.
We value the early-stage WC8 on a risked (75%) unfunded NAV basis.
We initiate coverage with a SPECULATIVE BUY recommendation and a price target of $1.15 (P/NAV of 0.65x)
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