It's not really in the incumbents interest for new mines to get...

It's not really in the incumbents interest for new mines to get financed, reach production, increase supply etc. Even balanced against potentially higher Li prices, perhaps they are happier with a tight market, awaiting demand from gigafactories to rise dramatically. It's probably not great for the industry in terms of overall build-out required, but that appears to be where we are. Luckily PLS is already a producer, and can focus on lifting yield and quality.

I know we're all keen on the partnership announcement to come as soon as, but if the jungle drums are to be believed we might be coming into a sizeable new lithium wave in later 2019 or early 2020 so biding our time holds no fears for me tbqh. Demand is building, and will be phenomenal at some point. I'd be happy with letting as little as possible go (20% I guess) in this agreement, if it helps us to accomplish Stage 3. And if there is a residual benefit of a similar deal that we have with POSCO for downstream involvement, great (or obviously a broader deal with that specific partner). I feel that even if this proves to be a straight equity transaction to get the Stage 3 yield - there will be ample opportunity in the years ahead to migrate down the value chain with whatever proportion of Pilgangoora we retain in 2019. At that point we will hopefully have grown in our in-house experience of that part of the sector via our executed JV with POSCO.