You are conflating two separate statistics, ore mined and...

You are conflating two separate statistics, ore mined and concentrate produced.

Once commissioning and ramp-up are completed, LTR will be mining 3Mtpa of ORE, which will yield approximately 600 Ktpa of SC6 (the original DFS called for 2.5 Mtpa of ore mined for 511 Ktpa of SC6). When they complete their planned expansion, likely in 2027 or 2028, LTR will go up to mining 4 Mtpa, yielding almost 700 Ktpa (658, in the DFS).

By comparison, PLS' new nameplate is 680 Ktpa (hence the project name P680), but they are talking about actual concentrate (they produce SC5.2), not ore mined. PLS is also already approximately 30%+ into P1000, due to be completed by the end of next year, after which they will be producing 1 Mtpa of SC5.2, and they've only just released their feasibility study for P2000. It also bears noting that PLS is actually producing above nameplate, already, with 176 Kt dmt produced in Q2 and 179 Kt dmt produced in Q3. If they can maintain that pace, they'll be slightly North of 700 Ktpa, already.

For an accurate comparison, according to their last quarterly report (for the quarter ended March 2024), PLS reported that they had already mined 4.56M tonnes of ore in three quarters, so they're on track to mine more than 6Mtpa of ore.

It will be a LONG time before LTR catches PLS for production. LTR will have a better product (SC6, or even SC6.3, v. SC5.2), but they will NOT have more product, at least not for a long time.

Best regards,