Ann: Investor Presentation for Equity Raising, page-2

I've been somewhat fascinated with the investor presentation. A lot of good info there. I particularly liked the graphic on Page 15 of the common boundary. AJM drilled a gazillion drillholes over their resource but PLS drilled maybe 13 drillholes vertical over about 2 kms to the east of the border.

The entire combined resource (could) resemble a dogs leg. Could.

We know from AJM drilling, that there is a "very high grade" group of pegmatites that traverse the common boundary, in the "sterilised section". PLS announce that they are now planning an extensive drillplan for this area.

https://alturamining.com/wp-content/uploads/2017/07/1678212.pdf

Zoom in on Page 7


The combined resource already ranks us as the largest viably mineable Spodumene resource in the world.

In the old days, Pokerface always said that in discussions he had with Directors, they said the Pilgangoora resource could prove to be anything.

That border area looks very interesting.


The presentation quantifies operational synergies at about A$18m to A$27m pa. It talks of spending ~A$35m to upgrade the AJM plant and another A$20m for PLS plant. They were looking at spending that on the Stage2a expansion anyway.

They also speak positively of the impending POSCO JV. No need to expand with Stage 2a expansion, as POSCO's needs could be met with AJM output. With the LG Chem expansion and the POSCO Chem Stage 3 expansion, it would come as no surprise to me, to see them expand their Stage 2 aspirations to 100mtpa. Can we finance 30%? Would Oz Super back us further down the line?

Interesting times.


I keep coming back to that IGO purchase last week. Together with the strong market appeal for the international Lithium Companies, the value in PLS is being validated everyday. While those forces remain strong, I doubt any retrace in the PLS share price. $1.30 to $2.00 now seems justified and more, with the Tesla driving IGO CEO declaring now to be the "bottom of the cycle".