Given PLS currently trades on a forward P/E of about 32 you...

Given PLS currently trades on a forward P/E of about 32 you could easily see PLS head back under $2 and it still wouldn't look "Cheap".

If expectations about Long term Spod pricing doesn't go back to $2k+ it's hard to see much value here.

Having said all that, you look at something like Azure that was acquired for $2.8bil and you have to think PLS becomes a bigger target the cheaper it gets.

I have lightened my lithium exposure over the last few months, taken some heavy losses on a few, but keen to really buy back in hard. Hard to know when that is, thought we had our start a few months ago.