The most conservative estimates indicate that lithium supply...

The most conservative estimates indicate that lithium supply will not reach demand until 2020 at the earliest (actually It's is highly likely that the demand curve will actually increase in a much sharper fashion that ancticipated with the rapid uptake of lithium based technologies).

Only a few players are well positioned to be producing next year and of them PLS is probably the best. Should be up to 5M tonnes production b4 2020. Multiply 5M tonnes by (lithium price prediction - cost per tonne) and you will start to see why people are saying it's undervalued

They are already fully funded to bring stage 1 production online next year (and from memory stage 2)

The only thing I agree on with you is that there will probably be another cap raise if they want to bring in the other 5M tonnes to take it to 10M tonnes but if they do that a little dilution won't hurt - the yearly income will be insane with 10M tonnes production!