Agree that PAM's success and share price will depend on the JVs...

Agree that PAM's success and share price will depend on the JVs for both Thailand and Chile projects. Paul mentioned the projects are dependent on finding the right partners to progress them to feasibility and production. Lining up the right duck takes time as he wouldn't want to marry off PAM to just any ugly duckling.

Yongxing at 0.39% Li20 is comparable to PAM at 0.45% Li20, and the cost of labour in Thailand is a little cheaper than China. So I expect PAM would be at the same level or slightly lower than Yongxing at the bottom of the lepidolite cost curve, meaning they can be profitable even at the lows of the price cycle.



The Thai government and IRPC want to secure their only lithium mine in their country so PAM has support locally. The only competitor is MAT who is 3+ years off even having a JORC resource defined if they manage to find anything. MAT applied for a lot of land that PAM had rejected.