Ann: Major Resource Upgrade Pilgangoora, page-141

Hi RDL
In the interests of accurate and realistic estimates of future Share price projections what NB said on Thursday was that when we achieve a resource size of 80 to 90m tons the value of the project should be equiivelant to the value that was achieved when Greenbushes was sold in 2012 for the equivelant of AUD 850m. It was actually sold for around US617m in 2012. Our final resource size will be much lower than Greenbushes but it will be worth about 90% more on a sales revenue per ton basis because of the large change in exchange rates and the increase from $300 ton to $450 ton.

So if we have around 820m shares on issue in say 8 months time (on a fully diluted basis) we could estimate the value of PLS to be in the region of $1 a share. That's not too shabby when we are currently sitting at 25c a share. Sadly I think that we all need to take into account the fact that we won't have enough time or cash to do all the drilling required to get a 80m to 90m ton resource by the time the PFS is completed. We should still end up with 65 to 70m tons. If that is the case I would still be hopeful of a realistic valuation north of 80c a share or roughly treble what it is now. Not too shabby eh?....... And in my humble opinion very, very achievable.
Chrs W2
PS those that know me will know that I am not ramping just trying to articulate how I see this playing out