Macquarie has raised its price target on Liontown Resources after the company put in a bid to sell its lithium direct shipping ore product.

The new price target risen to A$3.10 from A$3.00, while Macquarie maintains an outperform rating on Liontown.

According to the battery metals explorer, it has agreed to deliver lithium direct shipping ore product ahead of initial concentrate production at its main Kathleen Valley lithium project.

Macquarie’s projections now include 200kt of Direct Shipping Ore shipments, anticipated to generate roughly A$150 million in cash flow.

Liontown shares have witnessed an upswing as much as 1.1% to A$2.770.

Among the nine analysts evaluating the stock, three rate it as buy or higher, six hold it, and their median price target is A$2.65, according to Refinitiv data.

So far this year, Liontown’s stock has more than doubled from its last closure price.

Liontown Resources is a mineral exploration company focusing on the development of its Kathleen Valley Lithium Project.