How much patience do you have ? I'll drop back here in 2028 and...

How much patience do you have ? I'll drop back here in 2028 and it'll all be exactly the same.
Insufficient capital of its own to make real go of the lithium assets, which is where KAI is more likely to attract an offer: - from the next door neighbours.
Market yourselves to the likely buyer in a manner that speaks their language. If you concentrate spruiking the lithium assets you are less likely to have to raise the capital - as PLS has plenty of that.

Can KAI even mount a successful CR from here? Whatever you think the maths are, the general thrust of what i'm trying to say is, "accept any reasonable offer" especially from PLS because you'd probably get 1 pls for 100 kai, or thereabouts and they are valuable shares, and there are dividends NOW and continued growth now. Any reports done by KAI as to value would likely have to be repeated as part of take over due diligence.

KAI wont have to raise capital in this scenario. Has KAI suggested to PLS to allow them to drill a couple of holes, as a 'look see'? You know, get them interested, allow them to taste it. Could be the very impetus that gets the ball rolling.