Fosters report is inaccurate - 78c Val is sour grapes

Fosters Stockbroking report has some major shortcomings.

1. Their so called PLS $107m funding shortfall will be eaten up by offtakes and another Equity raising > $1.30 Fosters again wont be part of. Boo Hoo.

Boom. Done. Project Financing Debt could be as little at $25m on my calcs and that would be retired with said 3rd raising with probably Headroom of $50m+ facility on hand to draw on any time we like.

First CR at 23c raisinf $12m

Second at 38c rasing over $106m

Third at $1.30 ?? raising $100m+ again ?? See the trend Fosters ?

Fosters relationship with PLS is obviously strained.

Their LT spondy price is incorrect also. Everyone is wrong on that though. Way too low.

So 78c val is held back from the OZ's professional andTrue Valuation of over $1.50 (and that is pre DFS resource expansion).

So with $106m in cash or more, PLS is derisked already and totally future derisked after the next CR or Offtake agreement. Then PLS is a major debt or low debt cash cow.

They also make no mention of M&A opportunities for PLS or Premia to be added given the quality and quantity of our Rock Grade Lithium.

Lets add another 50c to Foster's 78c Val right now just to add back their sour grapes discount.

Then you will only be just under the ballpark.

OZ? wish to weigh in ? You can download it off the PLS website.


GG