Option 1: very likelyOption 2 is not feasible IMO. Yes you get...

Option 1: very likely

Option 2 is not feasible IMO. Yes you get the asset, but without working capital you can't run it and since spod prices are still low any acquirer would have to put some money in initially.

Option 3: Possible, but I struggle to think of who would do that.

From within the lithium segment:

Albermarle has the cash, but owns an idle mine much bigger than AJM (Wodgina ) and 49% of Greenbushes
Livent does not have the cash and just got into another hard rock mine (New Nemaska)
Tianqui struggles with debt and owns 51% of Greenbushes
SQM has 50% of Mount Holland (94MT (2x AJM) at higher grade 1,5%)
Ganfeng could be interested but FIRB restrictions should limit that option

That leaves outsiders:
Possible and could well explain the comments from Ken Brindsen´s about special knowledge needed to run the mine (flotation circuit). KB is trying to dissuade any other interested party.

Option 3 is much more costly for any party than option 1 for PLS and could not use all the possible resource (sterilized segment at the border to PLS)

For us shareholders there could only be money left if there were several bidders for option 3. I do not believe that will happen.