Pokerface, page-12

Correct. Its also absurd for people to ask for more of a substantive update on offtake and financing other than what has been given.

The company obviously can not provide any indication of the terms of the deal (for confidentiality reasons), nor can they provide an ETA on execution of docs. Both of these things would be suicide as then the offtaker/financier would have them over a barrel knowing how badly the company gets punished when it fails to meet guidance.

Noting that I am a finance lawyer, these deals take months to put together. Its not uncommon for them to take 9-12 weeks from kick off to signing and thats best case scenario using a commodity such a gold where the offtaker market is transparent, hedging it permitted, the lenders are sophisticated and documents have a 'market form'.

This is obviously a far more complicated transaction and requires time to work through all issues (including, if the offtaker is Chinese as many have suggested, getting approvals to move capital out of the country). The tone and substance of previous announcements indicate that negotiations have been progressing for months which is very positive. Its unlikely anything else can be said until docs are signed. Assuming offtake/finance docs are signed, there will be no warning (other than grant of ML). When that happens I imagine PLS will undertake the mother of all reversals both in terms of sentiment and SP. Im expecting an April/May 2016 type patch again...