Ann: Quarterly Activities Report, page-13

OMG - so many nuggets in there:

• further outstanding exploration intercepts, e.g 18m @ 1.62% Li2O and 145ppm Ta2O5 (seems like ppl don't even think of tantalite - all cream on top) with still significant exploration potential (South End deposit remains open to the North)
• Due diligence with POSCO completed
• Partnering process for a potential project-level investment of the Pilgangoora Project, Stage 3offtake and a possible downstream chemical conversion facility is also well progressed
• targeting a decision in respect of a potential partnering transaction during theSeptember Quarter and believes that the high level of strategic interest received to date is indicativeof the strong medium and longer-term demand for spodumene concentrate and the confidence ofmajor strategic players in the transformational growth occurring in the lithium raw materials supplychain.
• 43,214 dmt of spodumene concentrate at an averagereceived price of US$644/dmt
• Operating costs are expected to trend towards USD$320-350/dmt
• The joint venture with POSCO provides the Company not only with downstream vertical integrationbut enables it to be diversified into a growing battery materials market in South Korea with asignificant and credible partner. (
• The positive Stage 3 Scoping Study provides Pilbara Minerals the opportunity topursue an optimised funding package for the combined Stage 2 and Stage 3 expansions although it is noted that the Company continues to explore engineering solutions thatwill further stage the development of the Stage 2 project. In that way the Company can better utiliselatent capacity within the Stage 1 project and ultimately reduce the required capital investment inthe near-term.

If this was TESLA, the SP would go ballistic. IMO, there is such a clear path to becoming a major global profitable Li battery metals ingredients producer with a market cap well beyond the current $0.8B. Using very simplistic calcs, at a net profit of USD300/dmt a 5MTA plant would produce free cash flow of $1.5B/yr. What can I see that the market cannot?