I don't understand the obsession with size. We have decades worth of spod even if we develop a stage 3.
Gives us plenty of time to work out strategy. If batteries change we won't need anymore. If Li remains the dominant mineral then we just use the EVN and NST method and buy out junior explorers or fund them as JV's and take free carry positions.
There will be a point in time. Regardless of what spod prices are that PLS will be turning tidy cash profits every year. No point paying that out as 100% divs. Just funnel a bunch of it back into exploration/development.
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