Stage 1 will mean around 80,000t of concentrate at a net margin...

Stage 1 will mean around 80,000t of concentrate at a net margin of around $750A/t. That’s net positive cashflow of around $60mA per quarter. Now, of course, you will not get that result this quarter because they are ramping up, but when I was up at the mine a few weeks ago, it looked all systems go to me.

So, if we assume we hit that $60m net cashflow from operations in q2 2019, I think PLS has an enormously strong story to tell. The opportunity is then to expound the virtues and cashflow from Stage 2 which may not be too far away by the end of 2019. You can more than triple that $60mA/ quarter, because my bet is they will be hurtling to 6mtpa and remember the fixed costs don’t change as production increases other than the capex amortisation. It’s going to be very sweet.

Very frustrating at present and I hate wishing time away, but this points to an explosion in value re-assessment in the not too distant future. Wodgina is important, but the real cashflow from this gold plated operation may make that deal look very inexpensive.