Ann: Pilgangoora Lithium-Tantalite Pre-Feasibilty Study, page-201

They've really not sold the project potential at all well, for the average investing gumby to understand.

On the face of it, without digging deeper (as most fly by punters don't), you have a project with a NPV of only 50% more than the current market cap, and it requires $184m to get it off the ground.

The $407m NPV made me nearly spit out my morning coffee. There should be at least a 50% increase in that based on current spot prices alone. I seriously expected it to be around the $1.5bn-$2bn mark.

Why are PLS playing this so conservatively? Who's going to stump up close to $200m to double their return over 10 years or so? It doesn't add up to me. Is the current MC excessively overvalued then? I think not, but the revenue figures are a million (actually a billion) miles out.

I take comfort in knowing this is an "interim document", and that a lot more should be revealed during the upcoming conferences. It's also a starting point, and now it's out the way and at least doable, we can start concentrating on reeling in those binding agreements.

I'm left rather disappointed by this PFS, the way the true potential of the project has been heinously underplayed. Looking at the SP, it seems I'm not the only one. In a time when the lithium story is just beginning, the marketing of this company is starting to look decidedly poor.

A new Beer & Co. report would come in handy right about now.

The next 3 months are going to be interesting. I suspect we'll get a few nice surprises, to reinstill market confidence.