Ann: Strategic Review of Operations Underway, page-156

Early 2019, PLS had Ganfeng tip $50M into the coffers. Late 2019, PLS raised funds at 30c via shareholders, institutions and CATL. This severely diluted shareholders. Approx’ $110M. If they hadn’t, PLS wouldn’t be here now.

For the June Qtr 2019, PLS only shipped 43kt of SC6. (Yes, back then it really was SC6) Customers were not taking their contracted volumes. Cash from those sales was $30M. That was US $465 DMT. They were losing money hand over fist. Then, the spod price went lower. At some stage, it was mid 300s.

Even with that money in the bank, PLS were on the edge. Thankfully, they received some love, were able to refinance debt, ridding themselves of a Nordic bond at 12% and slowly, painfully extricated themselves from the mire with the spod price staying excruciatingly low for what seemed an eternity.

That money in the bank won’t last long and they desperately need love from someone or hope the Lithium price reverses quickly.

Was a holder but sold early 2023 when the pit became a pool.
I wish all holders well but be aware, this will be a long haul out with possible dilution coming. All Lithium sector investors want the price to turn around but in the case of CXO, the operation needs much work.