Merger with PLS - there's absolutely no synergy that would...

Merger with PLS - there's absolutely no synergy that would benefit LTR. PLS would get it cheap. LTR have stated they're not even that interested in selling PLS's BMX auctions. Lithium concentrate is selling itself at the moment.

LTR have got sufficient grunt to develop and mine KV independently. Most likely form of cooperation is a JV with BHP on KV leaving Buldania as a future option but given the probable growth in lithium market for the next 10 years no one will give up lithium cheaply. The most hostile action would be BHP buying up large holdings off institutions to get to 20% as fast as possible then 51% - formal takeover statement made, compulsory acquisition, etc.

Both Hancock & RIO are tied up and bogged down with hail mary plays in high risk Europe, FMG is going hydrogen, and I think the Federal government wouldn't be keen on the Chinese coming and stripping us of yet another lithium deposit. Most likely is a JV with BHP funding development and building the project. A bit like Hancock & RIO at Hope Downs.

Or LTR just gear off demand, fend off all suitors, and mine for 25 years and grow off the cash.