PLS sector -relevant media updates, page-38

When trying assign a valuation to PLS, post acquisition of ALO, in comparison to the Wodgina and Tianqi deals, the following information may be of some use.

Here is the Wodgina resource table (I hope it's the most recent), and pay attention to the Casserite Pit over the high Fe content Tailings Storage Facility.

So lets call the Resource value of most interest 211.6mt @ 1.23% Li2O with Probable Reserves of 142.4 @ 1.19% Li2O


I understand Greenbushes had Proven and Probable Reserves of 84mt @ 2.35% Li2O last report I saw.

Now onto Altura.
Resource of 50.5mt @ 1.01% Li2O with Proven and probable Reserves of 41.1mt @ 1.05% Li2O.

Now to PLS.
Resource of 226mt @ 1.27% Li20 and proven + Probable Reserves of 108.2mt @ 1.25% Li20.

Of major importance, if a cutoff of 1% is applied, the PLS Resource stood at 160.8mt @ 1.5% Li20.

PLS also have Tantalum, whereas this valuable byproduct at Wodgina was not part of the deal with Albemarle as MIN had a separate deal with GAM for the Tantalum. Also it would seem PLS has lower levels of Iron than Wodgina.

Now to combine PLS and AJM.
Reserves: 178.4mt @ ~ 1.2% Li2O
Resource: 276.5mt @ ~ 1.22% Li2O

The combined Reserves for PLS + AJM are 36mt greater than Wodgina at a similar grade.
The combined Resources are 64.9mt greater the Wodgina Casserite pit, and again a similar grade.

My opinion was that prior to the ALO acquisition, the PLS resource was more valuable than Wodgina's resource.

Feel free to draw your own conclusions about the valuation of PLS in regard to peer valuations. When I did mine I was sure to include the additional shares on issue that will be added for the transaction before applying a target SP to my valuation of PLS. If you don't mind, I will keep that number to myself.

Apologies in advance for any inadvertent errors in calculations and for the dated nature of some stated Resources and Reserves.