The broker flagged the company’s completion of the multiple technical studies, which it sees as a “critical catalyst” as work is progressed and a clear.
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Lotus Resources upgraded to BUY rating off the back of Hylea sale: BW Equities
The sale means the company can focus on its Kayelekera uranium asset and will provide additional funding to underpin the ongoing development program. The company will retain exposure to Hylea by way of shares in Sunrise Energy Metals.
Lotus Resources Ltd’s (ASX:LOT) recent sale of its Hylea Cobalt Project in NSW to Sunrise Energy Metals (ASX:SRL) has secured the company a BUY rating from BW Equities analyst Daniel Seeney.
The company will divest its 100% interest in the Hylea Project for $1.0 million in cash and $1.5 million in Sunrise shares.