Interesting to actually read what they had to say here, thanks for posting this.
The second paragraph particularly; where they state 'PLL modelled to take pro-rata share of production during the ramp-up year'... i.e, from the start they see PLL getting say half of production rather than 'the first 113ktpa' as many have been saying. They obviously state this with some level of knowledge or conviction. Also, very low production target around 170ktpa when SYA has made it very clear they are now targeting 220kpta from NAL.
Likewise, in the second last paragraph, they actually state that at current spot prices they value SYA at $0.40. Have a look at their long term pricing, which is what has given them the reasoning to place their call of 20c SP... that's US$1500/t... conservative to say the least and the basis for their SP call. Whereas as we know PLS & AKE just reset their long term contract pricing around US$6000/t
Canaccord are declaring sell with 20c SP but actually are saying over 40c SP at current pricing including PLL offtake, without Moblan increase and factoring PLL offtake ongoing...
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