Rationale for valuation change from 80c to 70c as per the following;
"We have updated our model for timing of cash flow and delaying first production from the 10ktpa plant to DecQ'26 (from SepQ'26) and nameplate capacity to MarQ'28 (from DecQ'27), resulting in our price target (based on a NPV10% for Rincon, risked according to project stage) falling to $0.70 (from $0.80). Our CY24E EBITDA has fallen 33% on lower sales revenue, our CY25E EBITDA has risen 8% on lower currency".
Rationale for valuation change from 80c to 70c as per the...
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