Macquarie raises Leo Lithium's PT on resource upgrade at Mali project

Leo Lithium

21/06/2023 05:23

** Macquarie raises price target on Australia's Leo Lithium
 LLL.AX  on resource upgrade at co's Goulamina project in Mali
    ** Brokerage raises PT by 3% to A$1.60, maintains
"outperform" rating
    ** LLL hit a record high on Tuesday after upgrading
Goulamina mineral resource estimates (MRE) by 48% to 211 metric
tons
    ** "The material uplift in measured and indicated MRE
presents upside to Goulamina's reserves, in our view" -
Macquarie
    ** Brokerage says LLL highlighted that there are assay
results yet to be included in the recent update, which present
upside to co's resource base
    ** All 5 analysts rate LLL "buy" or higher, their median PT
is A$1.70 - Refinitiv data
    ** Stock last down 4.9% at A$1.065; is up ~120% YTD, as of
Tueday's close

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))