sunnyaus
Don't forget customers are wanting more lithium units, thus have asked the company to produce SC5.3%, which is increasing recoveries, thus the companies run rate. I guess you can convert offtake contracts SC5.3% to SC6% (US$4,800pt) or apply a higher run rate at US$4,300pt.
It's also important to account for Yibin's additional 40kt offtake agreement, for which they prepaid $15 mill upfront (US$375pt) in 2020, which obviously would be messing with average spod contract pricing, in line with Pilgan plant improvements. I believe that 1 year prepayment period ends in Feb 2023, so ~11% of Pilgan plant production capacity will receive an annual upward revenue adjustment of ~US$170 mill from Feb forward. Once those first 40kt are done and dusted, 100% of Ngungaju plant production is available for spot sales.
This company is in good shape now and on a forward looking basis. Anyone using trailing 22 FY metrics to value this company will be disappointed, miss out.
Good News & Bad News, page-19919
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