Thanks WTT,
That confirms my timeline concern(s) (for TLP permitting and Ghana ML). There are no concerns on LoM related metrics - Ewoyaa still has outstanding project economics (even if NH spoke too soon with the expected payback period).
The negative side (for me) is the "loss" (as in shifted to the right in the timeline) of CashFlow from Ewoyaa SC sales in 2025 and 2026 (to some extent depending on how sticky the timeline is).
The resultant SC production graph presented in the DFS is as follows
No matter how I look at it, PLL's graph is going to have to change as we are not going to get 127,500 SC in 2025 ... more like ~20,000 or in more blunt terms "loss" of ~$200M - $300M of EBITDA (depending on your view of SC price and PLL's net margin). This recovers in 2026 and from 2027 onwards (with exception of 2028) is well above the 127,500 number.
My concerns lie in when we get the EBITDA and since you can't spend EBITDA, wjhat the actual free cash flow is.
I think KP was very wise in making the placement to LG. That cash is going to be very handy to pay for the increased costs of NAL and Ewoyaa mine/concentrator projects. Upgrades to plant & capacity at both means more Capex ... just a fact of life, especially mining capital projects.
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