Ann: Pilbara Minerals Equity Capital Raising, page-292

It might or might not.

For all lithium stocks, it totally depends on mass adoption of electric vehicles.
If not happened, every lithium stock would have no future.
If did happen, those survived, would have a bright future.

PLS has 915kt of spodumene annual production has been locked in by four offtake partners, how many extra annual capacity left for CATL? Maximum 285kt spodumene if reach full annual capacity upon completion of stage 3 expansion. The reality is, usually achieving 80-85% nameplate capacity, that would only leave around 87kt spodumene available to CATL until stage 3 expansion is completed, or other offtaker(s) transferring to CATL.
As CATL is expanding their capacity to meet those large carmakers' contracts, it would require around 2m spodumene by around 2025, even all PLS production went to CATL, would not be sufficient although it might be just 87kt upon stage 3 or whatever would be given by other offtakers, imo.

Anyway, it's good to see CATL on board.
All the best.