It's a lower target price than Pacpartners 12c, but Morgans...

It's a lower target price than Pacpartners 12c, but Morgans don't state what they include in their valuation. They are using different assumptions
Morgans $320 mtu & USD 75c Pac Partners $340 USD 70c. Not sure on the mine life as Pacpartners assumed some from the current drilling program.

Morgans are saying they expect the EQR price will lift well beyond their current target price.

Some snippets of interest;

1. The move to hard rock open pit will deliver significant (8 to 10 times) in tungsten production and cashflow when compared to the JV.
2. Expecting increased resource base would lead to longer mine life, increased annual production or both.
3. Successful processing of LGS and tailings limits processing risk
4. The critical minerals status of tungsten and China's dominances put a limit downside risk to price.
5. Drilling program continues to confirm the continuity of the tungsten which is likely to upgrade the quality of the resource. Deeper holes will provide a better understanding of the relationship between the pit and the Iron Duke. Currently Iron Duke 5.8mt @ 0.59%
6. Little risk in moving to hard rock mining given the production and processing of the LGS. Little risk in processing higher grade ore. Little risk in production quality and market risk (other than price risk). They are one of the lowest cost producers. Little risk in obtaining admin development and operating approvals for expansion beyond current approvals.