Good News & Bad News, page-1242

Yes.
An extract from MoneyMorning's free newsletter;

PLS

"Operating a mine in Western Australia, they have offtake agreements in place with Korea’s POSCO and the Chinese car company, Great Wall Motors.

Great Wall Motors specialises in cheap EVs, so Pilbara stands to benefit from the rejigged EV subsidy scheme in China.

They also have an agreement with China’s largest EV battery manufacturer, a mammoth company called CATL.

More recently, they’ve signed a Memorandum of Understanding (MOU) with Calix Ltd [ASX:CXL] to form a joint venture and:

‘undertake a scoping study to assess a new refining process incorporating Calix’s unique calcination technology and subsequent production of a concentrated lithium salt “midstream product” for lithium batteries.’

This is particularly appealing because (emphasis added):

‘The proposed demonstration process will take fine, lower-grade spodumene concentrate and further process it on site utilising renewable energy to create a low carbon, concentrated lithium salt, which can be further refined by others into lithium battery materials, or may potentially be used as direct feedstock for Lithium Iron Phosphate (LFP) cathode manufacture — LFP batteries being a key subset of China’s lithium ion battery supply and the battery of choice for the Tesla Model 3 in China.’

At time of writing, they have a market cap of $3.2 billion, so they’re an ASX lithium giant at this stage.

As of late May, they also have cash of $112 million and debt of $142 million.

Bit light on cash by most standards, so a capital raise could be in the offing at some stage.

It’ll be interesting to see how that plays out."