P L S - $2.23 - by years end 21., page-219

Not taking on board what Scarpa has to say is to your detriment, no offence intended, but confirmation bias may work against you.

Well NSS, PLS was a junior once upon a time. You do realize that PLS, up until recently has been campaign mining due to oversupply of spod in market since 2018 through mid 2020. The rug was pulled not long after they announced commercial production, they needed to drop production to ~30% of capacity in attempt to rebalance the market. That is why PLS haven't made a lot of money. However, during t 2018 -2020 period they worked on there plant to improve recoveries, refinanced there debt from 12% interest rates to 5%.

Late 2020 they purchased the neighbor, and now how 2 operating plants, thus a bigger resource. They are now expanding spod production by 250kt by mid 2022 CY, of which 200kt will be sold on the spot market via the BMX platform (for which you are aware), squeezing some of the "less economical" juniors as said. They are at the pointy end of negotiations to participate in a joint venture with POSCO Chem for hydroxide plant, they are working with Calix to develop green midstream product, same as what LTR is considering. We are selling spod on the BMX platform, for which you are aware.

So, once again don't compare a producers with a non-producers, lithium extraction isn't easy, though I do hope LTR does not need to go through the wringer like PLS experienced in their first 3 years in production. Wouldn't wish it that on anybody.....

Its a good time to be a producer, not a junior for reasons already stated. By 2024, PLS will have expanded it's spod production to +1 million tonnes, half of that will be feeding our hydroxide and midstream product mix. All going well, in 2024, LTR will be a spod only producer, and thereafter they may move downstream.