BMX Auctions - Historical tracking, page-63

Reading between the lines, off take customers were initially amenable to negotiated price increases. The surge in spot prices brought about by the BMX master stroke. They were willing to give up 50% (a guess) of the margin they were enjoying, to appease the miner. I would say they are now in a position where they are on break even for the supply further downstream to cathode/cell manufacturers, due to their own contracts. This is making them harder to negotiate with for further increases towards spot.

Moving forward, they will have to renegotiate their contract prices with downstream customers which will then be passed on to OEM's. Shite is really going to hit the fan then with desperate OEM's having to move to the mines and cough up the dollars.

This is going to get really interesting over the next couple of years as OEM's continue to procrastinate, hoping for the mythical (now 5 ) African mines and Chinese supply to miraculously materialise. Who blinks first. PLS don't need to. PLS can afford to stare them down. All IMO of course but I still haven't sold a share and don't intend to for a while yet. Life's good.