Ann: FY23 Full-year results presentation, page-188

IF the spod price goes back to US$2000/MT (which will take years not months if it does happen), PLS will still be making $3 Billion a year from a combination of well over a million tonnes of spod sales / LiOH sales and Lithium Sulphate sales.

Then there's inorganic growth with acquisition opportunities.

So basically, PLS has "future proofed" their business about as much as could be possible.

They will be a cash printing machine for many years and likely decades to come.

In fact, I would argue that the market has currently priced PLS to US$2,000/MT spodumene or less, maybe US$1,500/MT in the medium term.

So let me pose the opposite question;

What happens if the spodumene price does NOT go back to US$1,500 - US$2,000/MT anytime soon and stays much higher for much longer...........................??

This is why I HOLD!!!