I couldn't get your link to work LK, I assume it was...

I couldn't get your link to work LK, I assume it was this.

"Risk-adjusted SOTP target price: A$0.45ps (A$0.48 previously)

Although there has been slippage relative to the previously guided project timeframe, the news that the MIN-funded PTR pilot plant is targeting to be commissioned by March is a positive.

We see development progress at the PTR project – which requires zero funding from HZR - as the most likely catalyst for near-term share price gains.

At current share price levels we believe HZR offers upside to our risk-adjusted target price; we see further upside potential as the PTR and FBR projects are advanced and as the deep discounts of 50% and 90% respectively are unwound."


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