ASX Today, page-36372

Errrr, I wouldn't call it excellence if you (PLS) are unable to sell the commercial standard (SC6), which means that you (PLS) have to sell at a discount. The only advantage of PLS is that of being a huge deposit which allows to sell large quantities of raw material with the same quality.
Also, PLS had offtake agreements with fixed prices that were agreed in a time of low market prices but were effective for several years of increasing prices of Li-carbonate and Li-hydroxide products, so for years they have lost a considerable cake portion (the chinese converters were cashing huge benefits that didn't permeate to their spodumene supplier). LTR has learnt from this unfair agreement including floating prices related to lithium converters' revenues (Li hydroxide price).

LTR still has to demonstrate its performance, I agree. And yes, you are also right in that LTR shouldn't be compared with PLS. The reference should actually be Greenbushes. They set the commercial standard SC6 and are the only ones that can compare, among those in production, to the quality of the raw material expected from Kathleen Valley. The other active spodumene mines in Australia are producing poorer concentrates (Wodgina: SC5.6; Mount Marion: SC3.8; Mount Cattlin: SC5.3; Finniss: SC5.2-5.6; Pilgangoora: SC5.3)