Ann: December 2020 Quarterly Activities Report, page-172

I was interested to listen to Joe Lowry's recent podcast. Only 15mins long. From about 4.30, he mentions that Rick Rule has been at it again, playing down Lithium supply as being extremely abundant.

https://www.globallithium.net/podcast
Episode 93

He did the same in 2017, which didn't work out too well for him.

Joe Lowry said that he didn't know Rick Rule all that well ... but does know of him. He suggested that "Mr Rule should do some more research on the Lithium process or stick to his knitting".


It was bad enough we had the EV chain getting toppy, a risk OFF sell off on international markets but we had Rule downplaying Lithium producers too. Who can blame RCF for selling off, a MC of A$4.5b looked very generous.


Joe also wished PLL the best of luck but mentioned their success is driven by Tesla's agreement for 1/3 of their future offtake. He said, Tesla has proved in the past, signing offtakes aren't worth the paper they're written on.

So what does he think of Ganfeng's AVZ offtake? Even less.


PLS has expansion plans all laid out and have perfected their production process. We will expand to fill market demand. We're at the front of the queue. The wannabes will have to wait until we're at maximum production. We've proven production success and ability to come to market quickly and assuredly.


He also mentioned that Mt Marion continue to struggle with grade. Mt Cattlin also, as they sacrificed recovery (51%) to achieve higher grade and yet they still only achieved sub 6%, in the last quarter. Road freight to and then shipping freight is double from Esperance.

All the best to GXY but Mt Cattlin's resource/LOM is so small, it hardly justifies a P/E. James Bay will wait.

Similarly, all the best to LTR but a big query over their costings, as they are based on a Stage 2 processor being built nearby (inefficient), plus underground mining.


https://www.youtube.com/watch?v=MwV43iMdT2k

Rick Rule talks Lithium from 12m to 13m. Rick basically just says, stick to the big players with low costs. Joe Lowry may have been a bit harsh but Rick Rule has always been dismissive of Lithium producers (to his detriment) ... and still is here.

PLS ticks all the boxes with everyone.