We recently attended a site visited hosted by STA’s board and management to the Coburn mineral sands project. While we continue to see cost and schedule pressures across the mining industry in WA, construction activities at Coburn appeared under control and well managed by STA and its EPC contractor Primero. We refresh our commodity price deck on the latest forecasts. The mineral sands market remains tight, with spot commodity pricing above industry forecasts, which in turn are well above STA’s feasibility assumptions. Our underlying cost and production assumptions are unchanged following the site visit and management updates. We lift our price target for STA to A$0.62/share (from A$0.52/share) and retain an Add rating.