You are right. There is something suspicious causing the share...

You are right. There is something suspicious causing the share price to drop. This is because if you take the emotion and belief in lithium long term out of the equation, then some may look at the P2000 number and say PLS is clearly currently overvalued.
According to the P2000 DFS:An additional 1000t incremental production is valued by PLS at $2.6bn NPV8 @USD1500/t SC6. To arrive at a valuation for the current P1000(PLS as it currently is) if the spodumene price were US$1500/t(which it is not, looking more like US$1100/t according to SMM although some is auctioned at higher prices). We can add back the capex of $1.2bn. That gives a value of $3.8bn for the current mine. Add $2bn cash or any favoured number. With $2bn we get $5.8bn vs the current market cap of over $9bn. Obviously PLS can build P2000 and add another $2.6bn in value to the business if the spod price were US$1500/t, but it is not.
So with $5.8bn + the $2.6bn(assuming spod price gets to US$1500/t) optional expansion to P2000, the numbers say PLS could be worth $8.4bn in this case. Even this is below the current market cap with spod prices at US$1100/t.
If you you want to be critical of these valuation numbers, then go back to PLS and complain about how they just valued the business. It is not my work. Some will look at this and say given where spod prices are, PLS looks pretty expensive in valuation. There are differing views on how to value a business. The justification for the current $9.7bn valuation is that some must belive that at some point in time spod prices will trade a reasonable amount above US$1500. So for some at the moment PLS just doesn't look cheap and that dampens the interest. How do you justify buying a business for $9.7bn when they have said themselves that they are worth less than $5.8bn given current spod prices?