MACQUARIE TARGET FOR SYA IS $1.80, page-32

While immediately or near term you are correct. I would argue that SYA will likely far outgrow PLS unless they acquire or undertake more drilling work themselves.

Pilgangoora Project | Pilbara Minerals
Resource reserves show 159Mt 1.2%Li2o @ 30 June 2022. Though some reports suggest this may grow to 300Mt.

Sayona's Moblan which is being drilling out was last estimated at 12Mt. This was boosted back in April to 51Mt 1.31%Li2o OR 70Mt at 1.15Li2o which I believe came after 28,000meters of drilling. After this announcement boosted the resource base a further 60,000meters of drilling out of Moblan is to follow. So double what we just did at 28,000meters. If we look for a similar result from the drilling to the previous 28,000meters which boosted Moblan by about 60Mt it would then put Moblan at 190Mt which is far larger than the current size of PLS Pilgangoora.

Pending 60,000meters of drilling is no pocket change management are obviously optimistic that the resource is there to be tapped. So until this comes to light you cannot simply say reality check. Because the reality is the resource may very well be there and actually exceed Pilgangoora.

Granted we only own 60% of this JV asset, but if the Canadian government give SYA first dibs on mining rights and are paying for part of the drill out you can see why this resource looks likely to be the north american greenbushes with nothing else quite like it.