Ann: PLS 2021 AGM Presentation, page-9

In regards to Ken DLE and PLS I 100% agree why whould PLS look to DLE to increase JORC. Especially considering the cashflow and balance sheet PLS have we can access traditional debt financing if aquisition is on the cards to buy what it knows best ROCK.

However I disagree with the assessment that DLE is not valid, now that $2500 USD SC6, many DLE that was uneconomical at $1000 or even $1250 come into play. I am no expert but surely when DLE projects were starting up they were trying to make it work with $500 SC6. The extra $1,000 give any project not just DLE that was marginal firmly in Economical category.

If the price sustains $1,500 long term (I think it will be $2,000 plus minimum short term) surely many DLE/Clay/even traidtional open with Rock that had ASIC of $1,000 at PFS in the last two years all are now viable. I am confident that there many projects that didnt even get to PFS and sidelined that are likely in the money.

Just my 2c.