I’m always keen to entertain ideas of to where the capital grown...

I’m always keen to entertain ideas of to where the capital grown in PLS could be applied. However, what valuation accretion does PLS acquire should it TO CXO?

I don’t think we are desperate for more spod resource - we’re still drilling and expanding the existing resources of both the original PLS space and the original AJM space.

I don’t think we need more spod processing capability beyond the natural expansion of existing facilities at PLS+AJM.

I don’t think CXO TO would bring with it any key employee acquisitions nor any specific IP acquisitions. Also I don’t know of any special benefits it holds in its commercial relationships with say take off customers.

Sure it would add “some” geographic diversity (and need to further contain wet season impacts plus dig for a whole lot more spod resource).

At best I can see it would give control over a little bit more of the spod supply market (but what percentage is that?).

The AJM take over made great operational sense due to its proximity to the PLS operation and the price. But I suspect CXO would have to be valued in a TO at a lot less than 10c to bring it to a parity beneficial acquisition for PLS.

What are the benefits to PLS you see in any such potential acquisition?