Sommers and Partners issue research update on Danakali

Maintain BUY rating and increase price target to A$1.05 / share. Our SOTP valuation based price target remains largely unchanged, the slight increase in target price reflects the rolling forward of our model since our initiation note earlier this year. Our forecast cash balance at 30 September of A$10.2m was largely inline with actuals of A$10.6m. We maintain our view that Colluli is a world class project. We hope to see offtake and funding discussions advanced this quarterwith a positive result set to substantially de-risk the project.

http://www.danakali.com.au/images/stories/research-report/sommers_261016.pdf