Day to day discussions on S/P, page-1973

Its A$2.0bn including contingency (according to the DFS).

I don't know why it costs so much, but we have seen other Juniors in the battery materials space release a SS/PFS/DFS and get smashed when the market works out how much capital they need to raise. PLS also went through this 18 months ago.

In the lithium space, I believe we are seeing this with KDR now. I estimate they need to raise $0.5bn+/- for their 50% share of the downstream chemical plant (equity and debt), which is about equal to their MC. That is a lot of capital for a junior to raise, for a niche commodity, in a market with (currently) negative sentiment.

The relevance of this for PLS is that we have completed the capital raising "hard yards". Whilst the negative sentiment is difficult to endure, it will prevent or defer other projects getting funded, which we will benefit from in the longer term.

We are very well positioned and in time, our full value will be revealed.