New Macquarrie projection, page-39

The report isn't bearish on PLS because of demand.  In summary, it cites:

1.  A need for a solid tantalum off-take to achieve the lowest quartile cost projections.
2.  That the ROFR needs to be resolved before the project can advance.
3.  That while the DKO acquisition can circumvent some issues with MIN, that tenement still needs further resource evaluation and permitting.
4.  A capital raising option for funding which would be dilutive.
5.  That the development schedule is particularly aggressive for timing.

Now, remember not to shoot the messenger or post a bunch of silly cat pics.  

Furthermore they write:

"However, we remain of the view that barriers to entry to the spodumene market are low and we continue to expect a rapid and large supply response. PLS need to move quickly to clear the hurdles it is facing and secure market share."

And later...

"Whether prices remain supportive of further project development in the medium to long-term remains to be seen."

Which is all exactly what I have been saying even before MacBank began coverage.  Also of interest to me is a chart showing GB back at near nameplate for concentrate exports. (OK, now you can post the meow meow stuff).