Dale’s Rockstock interview, page-29

Dale Rockstock has broad exposure/ownership to a range of lithium companies around the world.

He would no doubt like any form of corporate activity, initialed by PLS, or others- to spur the sector even more.

PLS have a vast resource in Aust - why not move their production from own tenements to say 1.5 millon tons PA, prior to considering acquisitions - which won't necessarily be cheap anyway.

Moving from current levels of production to 1 mtpa and then 1.5 mtpa - is no mean feat. But surely to develop ground and resource - which we actually own, - is the way to best leverage success, in this sector.

So please PLS - spend your efforts at home first. A big task awaits, even to go to 1mtpa, so stick with what you know best - and resource up,  in a  timely way, on our own ground to. 1.5 mtpa.

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The quarterly reports from the company, perfectly details cash flows...... eg they include royalties, capex spend, mine development etc. Cash is a little different to NPAT - which of course allows for depreciation and actual tax.

But anyway - the point is by now, we pretty know what future revenues and costs are.

In the interview - mid 2024 was mentioned for 1 mtpa - that date is spot on, with what the company had alluded to previously.

So given what we know of costs and revenues (at least as of today/now) ----it is easy to work out cash profits of gross $6 billion PA on that 1 mtpa (mid 2024). Revenues $7 billion less cost $1 billion........ Yes of course tax to come off - but I have made NO assumption for their value added portion of rock lithium production.

Keeping in simple and short - say $4 billion NPAT pa after tax - in less than 2 years time. At a PE of just 8 - means a SP of a super conservative $12 you.......

Immediately - like as in tomorrow -  the SP should start to forward reflect these earnings. That is the way **promotion blocked** works - or well should work.

What of risk to 1 mtpa in 2 years - Well its lithium, it is the super cashed up company, in PLS - and the deposit is proven, in Australia.

On any time to risk metric - you can see $3.60 today - to at least fair value of $12 in 2 years - means the SP currently is all wrong.

So very exciting times with this company awaits.

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Third thing - who here said a takeover would never happen. Maybe they will prove to be correct - but it would now we know, apparently it would be the intent of the company to consider a big offer.