FA & General Banter, page-13430

That is exactly right @vmp.

LTR has a better position than PLS in lithium market.

• LTR has better resource than PLS; Higher grade and less impurities. (LiO2 content will be same, even may be higher for LTR when it starts drilling again).
• PLS is mining the ore from 6 different pits (see below maps) so its ore is not homogenous while LTR has one pit and majority from underground which is nearly the same ore type.
• Yes, PLS has a lots of debt and Chinese off-take agreements (most on board as shareholders; CATL, Ganfeng, etc).
• LTR's KV project is positioned to be online in 2024/25 which is the best time for the lithium suppliers.
• PLS is already in production, has to produce, can't stop mining as it has agreements and debts to pay.
• PLS has no chance to build a refinery (downstream) plant and to sell lithium hydroxide in Australia It has a project to do that in Korea with Posco, but it looks like it has been halted or delayed, not sure).
• I can write a lot more things here which LTR has better and more than PLS. But leaving it for now.
  

And PLS's market cap is now $1.5b.
That's not high IMO. It's OK.

If LTR opens up taking offtake agreements today, I believe it would take at least 5 of them and collect more than $300m in advance payments which would enable LTR to construct and build the concentrate plant.

Then we would be able to see LTR's MC at $1.5b, or the sp of 75c.
So simple.

PLS's MC went up to $2b on Jan. 2018.



So... What are we waiting for?
Why are we at 25c now?

That is because of the market's laziness or stupidity in general terms (not everyone is like that though). Cant' make the right calculations and predictions most of the time but going after the hypes IMO.

The benchmarking KV project with KDR-WES deal tells me that LTR's resource value is around $1.5b.
The MC of PLS today tells me the same thing.



PS: Maps sShowing PLS's multi pit resources;