Ann: Pilgangoora Resource Upgrade-PLS.AX, page-160

The DFS is planned to be released in August. So what can we expect between now and then?

Well, any number of BOAs for starters. We have seen the resource size grow well past a 2 mtpa plant. That's a very good position to be in. We also can be assured that extending the mine life is not an option. Whether the plant starts out at 2 mtpa and expanded after or starts out at more than 2 mtpa now depends on the demand.

Linked to the demand is finance. The higher the demand the easier and cheaper the finance will be to obtain.
We know that 8 parties signed a MOA. We also know that 1 of the 8 has signed a BOA for 40% of the current plant capacity. If most of the 8 parties are still vying for a BOA or if more parties have come to the table then it is likely that demand will be greater than the current plant size.

It is also likely that the buyers will want their product from the current proposed plant capacity. My belief is that PLS will get up front payments or partnerships from at least one or likely more buyers to expand the plant size now and not later.

There are going to be some interesting weeks ahead as the various BOAs come into play.