Pilbara to double and triple down, where will the money come from?, page-20

Hi All,

Potential investor here, the calcs above are exactly what we should all be thinking about when it comes to our hard earned money. I agree it is challenging to see PLS being debt free for a while on a stage 3 expansion. Yet at the same time given the time value of money it is understandable why management will dance the fine line between taking on to much debt and future profits. PLS is sized for 15 years of stage 3 capacity with no additional drilling. I have been personally drawing parallels to FMG with PLS as they went through a very similar scenario with a lot of people saying there were expanding to aggressively ect. They managed to get the aggressive expansion vs debt just right (though it did get close). It is not unreasonable to consider their path as a potential example of PLS.

I encourage the healthy debate and to point out the simplifications. price per tonne and US/AUD are big factors of economics but so are cost optimisation in DFS ect.

Sentiment is hold as I'm yet to pull the trigger.