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JPMorgan’s Piedmont Lithium Price Drop and More JPMorgan Chase Cuts Piedmont Lithium’s Price Target as IPO Draws Strong Demand

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Downward Revision: Analyst Bill Peterson of JPMorgan Chase maintained a Neutral rating on Piedmont Lithium Inc. (PLL) but slashed the price target from $25 to $15.

Oversubscribed IPO: Metals Acquisition Limited (MTAL) revealed that its initial public offering of CHESS depository interests in Australia was oversubscribed, garnering robust demand from both new investors and existing institutional shareholders.

The increased demand led to the company’s decision to augment the raised proceeds by A$25 million to A$325 million and set the final offer price at A$17.00 per CHESS depository interest, aimed for trading on February 20, 2024.

Encouraging Results: Nexa Resources S.A. (NEXA) reported substantial exploration and assay findings from the fourth quarter and full-year 2023, with drilling activities heavily concentrated in areas such as AripuanΓ£ in Brazil and other new locations like Peru and Namibia.

In his statement, Senior Vice President Jones Belther noted, β€œDuring 2023 we achieved 97% of the planned activities with the execution of 85,199 meters of exploratory drilling out of the planned 88,196 meters.”

Operational Revamp: Compass Minerals International Inc. (CMP) disclosed its first-quarter results for fiscal 2024, showcasing a 7% and 8% year-over-year increase in operating earnings and adjusted EBITDA in its salt business.

The company also outlined a 6% anticipated reduction in 2024 capital expenditure as it refocuses its investment priorities to enhance returns on invested capital.

CEO Edward Dowling affirmed, β€œWe are refocusing our efforts on improving cash flow generation and returns on capital in our core salt and plant nutrition businesses through rigorous cost management and reduced capital intensity.”

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