Ann: PLS Annual Financial Results & FY22 Guidance Presentation, page-76

I will take it that you are mischievous then?

I usually don't bother trying to value my business too seriously because what it is actually worth is just a fuzzy number. My business is worth somewhere between what I want and what a buyer is prepared to pay. I have sold several business and I never ever got what I wanted, but the buyers all paid more than what they wanted to spend.

But there are some business's that a buyer REALLY wants and actual value has little to do with it, especially when it is perceived as a strategically clever acquisition. (AfterPay comes to mind- mind boggling numbers)

PLS is clearly in a position enviable in the industry. Independent/Ready and Working/Profitable now the hard yards done/Influential/ Well Managed.

I am no expert, but when I look at a balance sheet I am more concerned with assetts, potential and of course landmines, rather than the profitability as at today at the end of the page. Either it is a business going forward with the hard yards done and paid for, or it isn't. Is it ho-hum steady as she goes or is there some excitement ahead? Only then would I get an accountant to do some forensics which are useful, but only for negotiation.

The Market capital amount CAN be disconnected from real value (and often is) so saying it is overvalued or undervalued is a waste of time. (What if suddenly I was the only supplier who had a had a vaccine against Stupidy- what buyer would would worry if I was unprofitable yesterday?)

Who is to say what the in-ground value of our Lithium is now and more importantly, in the future?

How much would you want to pay for PLS and how much much would it actually sell for?. Big difference I would think?

What would it be worth for say Albermarle to take PLS out of the supply chain?