Don't forget too guys that with each new JV partnership signed...

Don't forget too guys that with each new JV partnership signed there are not just royalties but shares woven into each deal too. Numbers will change over time but to put some "back of the envelope" figures down using today's numbers each new JV signed up potentially adds to the P&L statement 1-2% royalties ON TOP of adding 1-2% in JV equity to their balance sheet.

Looking at the recent deals in May, LRS deal includes 20M shares in 2 x 10M tranches which works out at ~$250K or almost 2% of the market cap of LRS. EMH deal includes 900K shares and works out around +$300K or ~1% of market cap of EMS. In theory, PLP's balance sheet should be increasing in line with the potential success of each JV partner well before royalty income kicks in years down the track when each JV eventually enters production phase.

L-Max's unique proposition and true value is the ability for PLP to apply leverage in the Lithium market. Just can't get more scaleable than have a business model that effectively franchises out a proven patented process where JV partners are doing the labour intensive legwork in each country while PLP provide technical strategy, consultation and support from head office.