Nearest the ( pin ) concentrate competition, page-193

I feel confident that whilst the LiC price was used as a base they would have been smart enough to incorporate a formula to protect the price from manipulation e.g. a min price based on say average prices being obtained by our peers? Just IMHO

Also keep in mind the low cost. If our sell price is say USD$833 (our peers are getting 900-950) the gross margin is USD$600 per ton. That is a bigger margin than most Aussie gold miners are getting. Multiply that by say 800,000 tons pa (min for stage2) and PLS gross profit exceeds many Aussie gold miners who have a much larger market cap. If someone cares to do the sums and compare PLS to the likes of NST EVN SBM SAR etc it will show the extraordinary difference. PLS is a huge cash cow in the making and the underlying figures clearly demonstrate that. Analysts like MS in particular who are using a price of USD$500 per tonne are deliberately undervaluing this stock by using unsupported low pricing for Li concentrate. These are my thoughts only so pls DYOR.