LRS General Discussion, page-18714

You need to check annoucement history. The binding agreement was signed in Dec 2021, not April of 2022. It also took a few months for Huayou to make that decision before this deal. Although PLS made some auctions at good price that time, the average spod price is not that high as 2022. Most DFS released that time, their long term reference price is around $900 USD, you can have a look at other companies' annoucement at that time.

Also you need consider Africa's risks. If that project is in a country like Australia or Brazil, it would have been sold at much higher price. Even Spod price can go lower these two years, Colina may still under development and have no impact. At that time, all high cost mines might have been closed. Good time for LRS to compete and thrive.