Ann: 10th Lithium Supply and Markets Conference Presentation, page-62

There is a couple of points about these figures.
Firstly the market is pricing PLS at the numbers in the DFS or below, expecting lithium prices to fall. If they don't, then we will get re-rated and hence the opportunity.

Secondly, what seems to be totally outside any market belief, is that prices could go higher. This can easily happen in future years due simply to weather conditions in the Lithium Triangle of South America.
In February of this year they had increased cloud and reduced evaporation that reduced Li2Co3 production for ORE and IIRC SQM. An actual rain event in that area as the producers there all try to ramp up production would suddenly spike Lithium prices higher, making PLS's profitability MUCH higher.
Relying on open air evaporation ponds, exposes the entire industry to booms and busts depending on the weather. IMHO the odds of a major weather event in S.A. has been ignored by many analysts, yet almost guarantees a huge spike in both lithium prices and PLS's share price over the next 10 years at some point.