Ann: December 2023 Quarterly Activities Report, page-107

From various lithium new sources over the last few weeks there has been a general uplift in sentiment from doom and gloom to something resembling stability. Current lithium prices are clearly unsustainable for there to be any new meaningful supply, and in fact these recent prices have either knocked out or significantly delayed new supply.

Yet by most accounts demand for lithium will begin to exceed supply in a year. PLS is in production, technical risks are off the table, and the production profile is increasing.

The market is always forward looking, so shorting this stock would seem to be increasingly risky.