Ann: AJM: Receivership Update, page-9

That's why I am unsure about PLS pursuing this. Spodumene prices could remain low for a long time to come. It's a possibility. COVID is exploding in the US and EU with France and Germany about to re-enter lockdown. This could stifle the global economy, stifling transition to renewable/EVs and stifling SC6 price recoveries. There are also political factors, a Trump re-election could mean more chaos, fights with China, and promotion of fossil fuels.

While we have pushed our debt repayments back, they still remain. Management is looking at further dilution and a lot of cash to complete the deal, plus who knows how much to fix their operations. What happens if SC6 prices haven't returned by 2022? What if we are still selling at a loss? If the cash bleed continues for 12-24 months? PLS could be next on the chopping block.

So, the extra risk earns us what exactly? More spodumene when we've already got 30 years worth of the stuff? Very ambitious and a lot of risk is involved. I think the timing is bad, but I guess we'll see.