Your calculation is wrong, because PLS will start to pay tax...

Your calculation is wrong, because PLS will start to pay tax only by approx. march. Until then all revenues are taxfree and there will be only additional minor deductions for royalties etc.

Since the new offtake agreements do contain significantly higher prices, the likelihood that PLS will have a net cash balance (so money after costs, tax, royalties etc) of more than 4 billion USD is quite high.

The fact, that PLS is starting paying taxes only after march, is the base for PLS's financial framework regarding the proposed share for franked dividends. The proposed 20 - 30% of the net cash will be approx. earned at the end of FY23, so after starting paying tax by march.

Furthermore I am convinced that around 30% (instead of 20%) of the net cash will be allocated for dividend payment because the revenues will continue to rise until the end of the FY.

My calculation is:

30% of 4 billion USD = 1.2 billion USD for dividends

There are 3 billion PLS shares, therefore I do expect 0.40 USD fully franked dividend per share, which makes 14% dividend yield based on the current SP.