Ann: Ceasing to be a substantial holder, page-29

Record spot cargo sales by PLS were around US$7500/t last year... 10 times GS 2024 forecast and five times what I'm saying is the more consensus current forecasts (US$1500). First half of 2021 spod was averaging ~US$600/t. There is a lot of demand coming everyone knows, and tesla might eventually even build some trucks. There is a lot of supply coming also. Too many variables for me to bother building a price model, so I pick an average between the most bullish and bearish of anlaysts.

Regardless of exactly what prediction you oir your favourite analyst makes, the salient point imo, is that a number of analysts are revising up forecasts from late last year based on higher LT demand and tougher to meet new supply. That rising trend of average 'price-deck probability forecasts' says ESS is becoming more valuable from late last year when the TO deal was struck. Shareholders have a good case to argue ESS is thus worth more, and bidders inclined to pay more?