Ann: June Quarter FY24 Activities Presentation, page-24

PLS reported record spodumene production of 226kt, above GSe/consensus on continuous operations of the P680 rejection facility, higher mine grade (1.5%), and plant optimization/recovery improvements, supporting FY24 production further above guidance than GSe. While shipments were also above expectations, this was largely offset by realized pricing of US$840/t (US$960/t SC6.0 CIF China) ~10% below expectations (though this may improve following contract price reviews).

Now the really bad news.
On FY25 guidance, production was in line (800-840kt @ 5.2%), though unit costs were well above GSe/consensus at A$650-700/t (@5.2%; FOB; pre-royalties), including some one-off expansion costs (improving in FY26). However, including stripping and sustaining capex we estimate guidance implies a cash cost of ~US$690/t (@6%), and an AISC of ~US$800/t (including royalties/shipping; @ 6%), leaving limited cash margins of <US$100/t (pre-tax) in FY25 before growth spend.

Less than $100m profit forecast for 2025. That is a disaster.

They had to get costs down but now they saying costs are going to blow out even further with spod falling.
Think we may see a loss next year.

Its close to take over bait in my view.
I'll be hoping it does get taken over otherwise many more will be bailing.

The stock fallen over 40% this year alone and 50% from its high of $5.66
Other lithium stocks have fallen 90% and stopped product and I see them folding due to high debt.