PMET RESOURCES INC (PMT)
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08/10/2026

1

Outperform

$0.70

68.67%

Macquarie remains constructive on lithium despite weak market sentiment, arguing continued inventory drawdowns point to a tighter physical market than current prices imply.

Supply risks remain underappreciated, in the broker's view, including CATL's Jianxiawo mine outage and licensing delays across Chinese lepidolite operations. It's also felt that larger EV battery packs could provide additional demand support.

Macquarie switches its preferred lithium exposure to PLS Group from IGO Ltd.

Reduced risk for PLS is noted around P2000 capex and a near-term production uplift is seen as a catalyst.

Liontown screens as the most expensive, implying a spodumene price of around US$1,300/t SC6, followed by IGO at US$1,200/t and PLS at US$1,125/t.

The smaller, Elevra Lithium screens as the cheapest, implying around US$900/t SC6, Macquarie highlights.

Unchanged Outperform rating and 70c target for PMET Resources.

This is a summary of research released by Macquarie yesterday.

FORECAST
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -9.03 cents.
Macquarie forecasts a full year FY28 dividend of 0.00 cents and EPS of minus -15.77 cents.

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18/06/2026

1

Speculative Buy

$1.35

225.30%

Canaccord Genuity maintains a Speculative Buy rating for PMET Resources with a $1.35 target price following the release of a concept-stage study detailing on-site lithium carbonate conversion pathways.

The proposed downstream refining strategy utilises an atmospheric leach process to produce battery-grade materials while significantly reducing transport volumes across the 850km trucking route to the regional rail head.

Bench-scale metallurgical test work delivered lithium recoveries of 92.5% alongside purity levels reaching 99.8% without requiring energy-intensive acid treatments.

The analyst considers the integration of chemical production an incremental value-add opportunity operating independently of the core project optimisation study scheduled for late 2026.

Base corporate valuation estimates remain anchored to a risked net present value model as formal preliminary economic assessments undergo further technical de-risking over upcoming development phases, the report concludes.