Fair Value calculation which justifies $4 target, page-94

I've been in PLS five days and I'm up about 24% got lucky on my entry after missing the 30's so I'm not going to pretend to be an expert as I'm new to Li but have held & observed many companies attempt the "transition" from explorer/junior to producer & seller.

I've probably watched the process closely in maybe 50 different companies and how many of those have been able to do it close to schedule, without major over-spends, without having to pass the hat around multiple times, without external market/political events wounding the project? Maybe one or two that I can think of... most failed dismally.

All the NPVs and projections of this that & the other mean nothing. It's the share price that talks and much water to go under the bridge.

Thus PLS is not undervalued because Mr Market knows the risks. Bottom line if you're balls & all in PLS you are gambling on them being that rare company that can pull it off. Nothing wrong with that, but too many times I've seen the fundamentals stack up but the share price never get within cooee.

Last week showed that a big chunk of risk was removed, more certainty around the 5mt expansion and the CEO talking up demand helps. I think it's a good bet, but time will tell.