Thoughts on a rights issue, page-29

They have too much debt, I see a CR as being inevitable unless they can magically reduce costs or if prices come back. From all of the analysis I have seen, the spod/lithium price is still plummeting and 2020 will not be a good year.

How many quarters can PLS continue not making a profit before we need a cash injection to keep the business running? I don't think we could get through 2020. A 25 cent CR is pure conjecture, but it is based on my assumption that another 6 months of poor prices and losses will continue driving the PLS price down.

Galaxy just secured a big chunk of Alita's debt. Maybe they will do the same for PLS in 6 months? The little players are dropping like flies, carrying debt, pulling back on production, and losing money. I really hope PLS can make it through, but without that 20-49% sale, it will be difficult. I think we will be forced to CR. Edit: those offers were very low-ball and rejected based on 'optimistic' assertions from the management.

Hopefully you guys are right, some positive announcements before a CR at 50-70 cents. That would be a much better situation for PLS. But they need positive news.