Ann: Strategic Review Update, page-313

@Cosmoterios great post and thanks for sharing your views. Agree that Chinese Lepidolite producers cannot be making money at current prices either. Yongxing one of the largest Lepidolite producers in China still made a profit of AUD 1.3B in 2022 even though they were processing ore at 0.6% lithium oxide. The benefit they have had, same with PLS is they have managed to cash in due to the higher lithium prices that were evident over the past few years, it didn't matter what your head grade lithium was, you made $$. From PLS perspective, I know they have built up significant cash reserves to sustain difficult trading conditions for a period of time - likely currently at losses or very close to as you point out until prices start to rise which they will have to, otherwise why would you continue operating at a loss long term. PLS may look at increasing volume to help offset some of their costs due to scaling advantages or simply sell the lower quality ore at the moment due to the current prices. It is probably a deliberate strategy by the Chinese to try and squeeze out competitors in the short term, not sustainable long term of course. Cheers, CP.