PLS pilbara minerals limited

8.57%

$1.71

Ann: December 2020 Quarterly Activities Report, page-40

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Wrogerz

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29/01/21

08:38

Post #: 50525157
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Originally posted by Acgm: ↑

Is the sale price determination as simple as take the published value of payments made by customers and dividing that by the volume of spod shipped? If so ... both figures are readily available in the report and I think produce a value of around $507/T. Use the given average exchange rate in the quarter of $0.7304 and that’s about $370/T USD.

Now, take the suggested increased spod pricing at end of quarter of about $400-$430/T USD and the given production cost last quarter of $351/T USD (which yes was impacted by planned plant shutdown period for annual maintenance etc so ought to reduce going forward even just on that basis let alone increasing throughout as demand increases), that looks to me like a circa $50-80/T USD production profit going forward. (Other reports out today have production costs for one competitor north of $450/T USD but looks like complicating factors to consider there).

Go further and using projected sales targets for this next quarter of between 67,000 and 77,000 T (March 2021 quarter) and that looks to me like approx $3.35M - $6.2M USD ($4.4M - $8M AUD) quarterly profit. Of course that doesn’t take into account further reductions in cost to produce through the actions identified in the quarterly nor the potential for increase in realised spod price beyond the values given for end of December (there’s been plenty of data hitting the threads about daily increases in lithium chemical prices since end of December - other ASX reports out recently note current pricing around $480/T and Chinese supply stockpiles down from 6 months to 2 months of supply).

In all, I’m pretty happy with this report. Greatest quantity shipped and above projected amount. Cost to produce continuing to drop per unit. Turning a profit on sales. Interest costs per quarter less than half costs in the previous quarter. Major customers/shareholders successfully raising very significant funds for again major increases in their battery chemical operations. Continuation of investigation of POSCO downstream JV options. Acquisition of ALO assets (and those previously not accessible regions of the deposit expected to be at a higher Li%). Workforce safety and operational continuance during difficult covid conditions. Identified further improvements to plant throughout rate and investigations of appropriate application of the ALO facility. All good I think - but do have your own consideration of the report details.

Now who was it recently bleating about operations not turning profits - I can’t tell as I think I flipped the ignore switch.

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Your figures are way off.
you've factored in WMT and have not factored in that this is spod, still requiring processing to extract the Li do the list price.

Last edited by Wrogerz: 29/01/21

PLS Price at posting: $1.07 Sentiment: Hold Disclosure: Held
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0 Great analysis

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