The re-rate will only come once the market is satisfied lithium prices aren't falling off a cliff. This will take time to play out as the market wants to see lithium prices stabilise and not go into a downward trend. You have miners in one corner saying demand is tight with prices expected to remain elevated into the foreseeable future. Then in the other corner is the oversupply and/or lower than anticipated demand crowd.
Given PLS is positioned to be a top 3 lithium producer by 2020, if there is a price collapse for lithium, the smaller players will be the first casualties - especially those in not in production or at the funding stage.
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