PLS A NPV Valuation

Hi All,

I'm aiming to do a comparison of all upcoming hardrock lithium producers. For PLS I have used the recent FID: https://hotcopper.com.au/threads/ann-pilbara-calix-enter-into-joint-venture-agreement.7113412/ and the most recent quarterly: https://hotcopper.com.au/documentembed?id=uOMxKKzFkiWRTLKhOROKAxjvTDYL4g%2B7zBn0v%2Bd17LFiGug%3D I'm sure I have made some mistakes however I'm more then happy to fix them providing the information is sourced:

Assumptions in model:
1) Production starts in Q2 of 2024 with nameplate in Q3 of 2024.
2) OPEX is at A$1122/t on con for life of mine (I'm not sure if this includes sustaining capital or royalties) if someone has a document with a breakdown in costs that would help greatly.
3) I have assumed the 1Mtpa of Spod happens in 2028 (is this correct?)
4) I have assumed spod price as US$6200 Q1 23, US$5500 Q2 23, and then decreasing US$500 each quarter until it reaches US$2500. I'm happy to run alternative pricing scenarios.
5) I haven't included any of the downstream, if someone can shed some light on the capex, opex and cashflow implications that would be greatly appreciated.


I'm sure there are mistakes so please let me know where they are and I will update accordingly. The aim is once I have a final model for each company I can do a comparison. All financial metrics are in AUD.