Talga Initiated at BUY with A$2.20/Share Price Target by UBS, page-12

You are exactly correct,
So, how can UBS dictate a "buy" price target of $2.20, ..... and then be selling at these silly prices.

Firstly, unsure feelings about the outcome from the supreme court (although almost certain success)
Secondly, market pricing slowing in material sector
And finally, UBS obviously have their own limits to being exposed to pre-commercial operating companies ( thus the selling of shares to keep within %)

Lots of factors come into play that may not necessarily read the same way as previous reports or predictions, but it is a sure sign of belief when they hold around the same % of shares throughout.
Credit Swisse failures have forced some uncharacteristic behaviour, ..... but this will pass as hurdles are leaped over in the coming weeks.