Ann: Cleansing Notice and Appendix 3B, page-3

"interesting to see no-one has commented about this announcement. IMO this is significant as the extra ~$80m (@97c/sh) really boosts our prospects."

I think everyone's become a little jaded to good news over the last year. The SP boomed after GW and the LG Chem MOU ... but DSO, pending resource upgrade, POSCO and more had seemingly little effect. I suppose if you marry up the graphs, then PLS has done a little better than others.

The Roskill, Morgan Stanley and WoodMac reports have flattened the whole sector. Some 20% retracement in international Lithium prices in 2018, hasn't helped either. Roskill always predicted a Lithium supply surplus in 2018. Time will tell.

I was encouraged by the TAW Ann yesterday ... successful processing completed, with nameplate throughput rate and Lithium grade exceeded on low grade ore and low impurities and wastage. Primero Group did their work and also do PLS.

I look forward to February 2019 when KB delivers 1HFY2019 results hopefully declaring nameplate production achieved to date, project becoming cashflow positive well ahead of schedule and a likely FY2019 full year NPAT of around AUD200m (for reference sake, a recent Fosters report predicted 188m).

Throw in an upgraded Pilgangoora ore reserve to double current 80.3m and a JORC defined Mt Francisco ore reserve, then PLS may demand a P/E of 30+.



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