Patriot Battery Metals' (ASX:PMT) Shaakichiuwaanaan lithium project in Canada has the potential to be the fourth largest hard rock operation globally, once it ramps up, Euroz Hartleys said in a note on Tuesday.
The firm's feasibility study showed that the project is expected to produce about 800,000 tonnes of spodumene concentrate per annum at an all-in sustaining cost of around $597 per tonne, with an after-tax internal rate of return of over 18%.
The investment firm recommended a speculative buy rating on Patriot Battery Minerals and placed its price target of AU$1.24 per share under review.
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