Ann: Outstanding DFS Results Support Pilgangoora Expansion, page-119

PLS product will largely be directed to produce Lithium Hydroxide.

This stage of the Lithium boom is being driven by the growth in EVs of which Lithium Hydroxide is the preferred form. It is the extra cost of converting LCE (and low impurities) which makes Oz hard rock product, the lower cost option.

Lithium pricing has been increasingly graded throughout 2017 and we now see a growing price differential in LCE/LiOH pricing to reflect this.

Who gives a flying f what MS has to say?

Who cares what LCE prices are/will be? The growing differential between LCE and LiOH will only persist and increase. It is the LiOH pricing that is relevant to PLS.

PLS stands for quality.



As to the DFS, it looks conservative with the cost increases.

I think there's a lot of scope for LiOH prices to increase yet, especially given that the Lithium only accounts for 2% of the EV battery cost and that solid state will see an increase of 20% of the Lithium used.

I was surprised by the Tantalite credits allowed of USD87. I appreciate the current prices are around USD110 but a lot of Tantalum is produced as a byproduct of Lithium mining. I've always imagined (with increased production of Lithium) that the Tantalite market will become flooded with supply. We only allowed around USD55 in previous studies.

I was also a little surprised at the mention of water issues re Stage 2. Manageable it seems for Stage 2 but what of further production expansion?

The SP should be at least AUD1.50. Perhaps we should send KB on more trips to Las Vegas to spruik PLS?


.