AU : Western Areas - Grade returns at Forrestania

Ni production of 4,267t, up 21% QoQ, at Forrestania. Cash costs down A$4.07/lb, down 13% QoQ on higher grades treated. If maintained, WSA on track to achieve lower end of annual production guidance (16kt nickel) at higher end of cost guidance (A$4.25/lb) for FY21. Cosmos development on track and fully funded after capital raising in the period. Recommendation moved from Hold to Add at a target price of A$2.61/share, with key forecast updates presented on page 4.

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