Day to day discussions on S/P, page-6968

A couple of things to think about:
The funding package which contrary to what some may think is not actually locked away.

Recapping, the funding package will comprise:
"1. A US$25M (~A$35.5M) offtake pre-payment facility to be provided by Great Wall Motor
Company (“Great Wall”, satisfying its Stage 2 funding commitment;
2. A$50M equity placement to Jiangxi Ganfeng Lithium Co. Ltd (“Ganfeng”, satisfying its
Stage 2 funding commitment and further aligning Pilbara Minerals as a key supplier to
Ganfeng’s rapidly expanding and high-quality customer base; and
3. A proposed new US$50M (~A$70.9M) Nordic bond to be issued in accordance with the terms
and conditions of the Company’s existing Nordic Bond (“Tap Issue”, to be implemented with
bondholder consent in the current Qtr"

The above 3 are not mutually exclusive imo and will take a fair bit of work on PLSs part before we can celebrate.

1/3. "The proposed ‘Tap Issue’ under the existing Nordic Bond is planned for completion during the March quarter, at the same time that bondholder consent is sought to expand the required quantum of permitted debt (including the proposed offtake prepayments)." Clearly tapping the bonds is a sweetener to bondholders to get the required consent. Pls has said on existing terms but there is nothing stopping them from doing this at lower cost, perhaps somewhere south of the 9% rate on the prepay, given prepay provider's subordinated position (2nd ranking). Again this will take some negotiating. I.e. Prepay is contingent on consent.

2. Equity placement, is at c.64c, I suspect regulatory & prc approvals will be much more difficult to obtain if SP falls below this price, for obvious reasons. Perhaps this is what shorters are pushing towards.

Just food for thought and all imo.

Definitely a couple of eventful months ahead of us to look forward to.