Macquarie ups TP for Australia's Core Lithium

Core Lithium

18/07/2024 04:34

** Macquarie raises target price for Core Lithium  CXO.AX  
by 11% to A$0.10 per share, to reflect short-term up in EPS
estimate
    ** Brokerage says FY25 EPS estimate up 16% after its
incorporation of co's 4QFY24 results and lowering exploration
costs to A$9 million ($6.06 million) in FY25, in line with co's
guidance of A$8-9 mln
    ** With Finniss operations into care and maintenance and the
lithium market remaining challenged, Core Lithium is
transitioning back to and explorer targetting lithium, uranium,
and base metals in FY25, adds brokerage
 ** Shares of of the diversified miner down as much as 4.55% to
A$0.105
    ** Core Lithium posted quarterly shipments of 33,027 dmt of
spodumene concentrate versus 10,199 dmt in Q3FY24
    ** Stock has fallen 56% this year as of last close


($1 = 1.4841 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))