Ann: Quarterly Report (Form 10-Q), page-70

Probably worth pointing out that in the eventual fallout, while PLS is now operating steadily and without major drama, they never met their DFS targets. People might find it interesting to review those documents, particularly the projected recovery rates. Investors in PLL and SYA really should look to other projects globally and the history of NAL itself. Expectations are in need of some tempering - I've never seen a lithium project come close to feasibility projections.

I do understand that SYA dropped the NAL DFS so close to restart that they were able to claim an incredible IRR for the project by treating most capex as sunk - however they had yet to truly experience the rampup stage. As with all other lithium DFS I read it as more of an aspirational document than anything else in terms of projections.

The difficulty involved in projects of this nature should not be underestimated.