Ann: Operational Review to Optimise NAL Cost Structure, page-165

Wow some offensive-defensive posts ... (with no substance) ... starting with @Timtam15 as it's the most "amusing"



So PLL is giving spodumene away? "Zero Revenue" ... so ASP -$0/t ? Perhaps Revenue wasn't what he meant to say. Maybe he meant to say Zero Margin and Zero Profit? Like buying at SC at $900/t and selling it (to TSLA as referenced) for $800/t. Do you really know the TSLA OTA? Here's what we do know

That clearly looks to me that TSLA and PLL have agreed on a pricing mechanism that is not spodumene (input) spot price based but rather lithium salt (output) based so both parties are cushion from the volatility of raw mineral price. That formula isn't disclosed so don't bother with "x"/t of SC at "y" grade needed to produce "z" tonnes of hydroxide. There are price graphs showing SC as a % of hydroxide price over the last decade. That would also be an influencing factor.

So not ZERO REVENUE or ZERO MARGIN nor ZERO PROFIT

as for



SMILE you're on candid camera.

OK, moving along ... @SplitFusion ... but you forgot some things .... and I think you "follow" PLL more than the average SYA poster so I think you know this (mostly).

You started talking Cash ...
Jan 1, 2023 Cash of $117M

+ LG Chem equity sale for NET CASH ~$71M

so cash wise we are now at ~$188M

+ Revenue (which is not Cash) of ~$47M ... so if you are going to talk cash perhaps subtract CoGS of $23M and use GP of $24M. So the "Cash added" is $24M for a total $202M ... through to Sep 20, 2023.

Now you of course you know, I know and we all know this "revenue/cash" is the project level contribution to from PLL's OTA with SYQ (and so does not have subtracted PLL's G&A etc.)

To that Cash of $202M we would add the GP from Q4 (according to some it may be zero or less). How about +$10M (for round numbers) making "Cash" of $212M and then as reported (only) $72M left.

Where did they spend $150M cash? I think you know where (since you read the 10Qs) so here goes:
~$80.5M in "Investing Activities" ... that's the Capex going into TLP, CLP, and PLL's investments in its Affliates ((SYQ - NAL) and (ALG - Ewoyaa). And that's only to Sep 30,2023
At this point, the forecasted liquidity outlook including midpoint Q4 Capex guidnace of $32M
So total 2023 Capex around ~$110M

Puts the "burn rate" at ~$40M annually ... $10M/Q ... unless you didn't mean "burn rate" whichi is a finance term used to describe how quickly a company is spend its cash reserves on overhead costs (which does not include Capex investments)




And since it was asked ... the 10Q will also tell you where they expect to make those Capex invstments in Q4 that will reduce their cash reserves.



Anyway for a SYA thread there sure is a lot of PLL discussion ....