ASX Today, page-36153

Differences between PLS & LTR.
1. PLS management experienced at constructing and operating profitably SC6 projects. LTR not.
2. PLS JORC Resources = 414 mtns. LTR JORC Resources = 156 mtns. Hence PLS LOM > LTR LOM
3. PLS Cash = about A$3b. Negligible debt. LTR Cash = about A$300m (Before project completion) Debt soon to be A$760m.
4. PLS has negligible interest expense. LTR will have considerable interest expense.
5. PLS production forecast FY26 = 1000mtns. LTR production forecast FY26 = 613mtns.
6. PLS open pit mine. LTR UG mine. Sustaining capital higher for UG mine.
7. PLS involved in a LiOH Factory JV with POSCO. Already developing experience in vertical integration. LTR not at same stage.

Hence the PLS value > than LTR. Unlikely they will have the same valuation metrics at least in short term.

Hence why I think PLS should merge with LTR. PLS's strengths will make LTR a considerably more efficient & profitable company. This will ultimately benefit the shareholders of both companies.