Good News & Bad News, page-44347

I'd like to say that this short term positivity represents the bottom of the market, but there is zero evidence for this. On the flip side there is compelling evidence of the opposite (i.e. that there is further downside for the sector - and for PLS).

- Today's buying is on low volume. Fair enough to assume that an actual bottom in the market will see large buying volume.
- Spot chemical prices continue to drop day on day
- Spot SC6 prices continue to drop day on day
- High cost producers/future producers (SYA, LTR and a few others) continue to produce / commence production. Along with existing producers hell bent on supplying more product (including PLS).
- LTR is going to dump a large amount of product into a market which is already at multi year lows in lithium pricing, hard to imagine anything except one result from this.

Hard for me to see any stability / an actual bottom in lithium prices until early-mid 2025 when (hopefully) all of LTR's product is being absorbed by the spot market (to the extent they have some product going to the spot market in excess of their offtakes).

The ideal scenario would be SYA going out of business, along with LTR as well. The SYA scenario is likely IMO while (unfortunately) the LTR scenario isn't because the company has a large base of zealots who will happily dilute themselves with future cap raises.