This is a joke!, page-118

Hi TDA. Not sure as to what point you are making here. Increasing market cap for the same share price lowers the EPS which along with the share price determines the PE. That would increase the PE in 2016 compared to January 2018, since the stage 1 development was based on the same production in 2016 as now. In other words, the 2016 investors at 80c would be purchasing at a higher PE and hence had to be more optimistic as to future earnings than now (when there is more certainty about the earnings).
As often happens with developing companies like PLS , small shareholders are often excluded from share placements and so cannot take advantage of the discount to market price and so will pay more in order to avoid dilution. Even with PLS making a SPP with a $15k limit last year, the applications were scaled back by 50%.
Basically, I am saying that buying today at 80c with a lower PE is much better than buying in 2016 at 80c with a higher PE. Of course, we all hope (expect?) PLS to increase earnings, especially with stage 2, and so those earlier shareholders only suffer from a longer holding cost which is attenuated by the SPP at 35c, if they participated. I think EPS and PE is a much better guide to a company's value for the shareholder than market cap. I have seen many companies over the years who greatly increased their market cap through acquisition only to collapse and even go bust because the CEO and Board were not as good as they thought they were.