PLL General Discussion, page-2460

@RobertoQ Bizarre comments but should we really have expected anything different.

PLL has a bunch of significant value assets. A company would only go down to zero if all those assets disappeared. That's not going to happen so the value isn't going to zero.

So to recap:

• PLL owns 25% of the NAL operation = significant value.
• PLL has a 113kt off-take with a ceiling of $900/t. Without getting into grade complexities below SC6, its may generate US$376m on the most recent UBS Forecast. Use more optimistic analysts and the value is higher. Extend to the full life of mine the value is higher. Add time discounting the value drops.

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• Once the equity payments are made for Atlantic, PLL owns 40.5% of the project, the same percentage as Atlantic
• PLL has access to the US government loans framework
• Carolina has received some key permits (but some are still outstanding). It is among a handful of larger projects with advanced scoping work having been completed
• Tennessee is a project with significant potential value
• PLL has a life of mine 50% offtake with the Ewoyaa project which with a probable cash flow from operations funded flotation plant could be >200ktpa
• PLL is a significant USA listed company with the ability to access the USA equity markets
• US$71.4m cash at 31 March 2024

Piedmont has plans to fund the contribution needed for Ewoyaa but even of those plans fell through and Piedmont needed to raise say US$50m at $20/share, that would require issuing 2.5m shares. The 19.4m shares on issue would increase to 21.9m. While this dilution would be unfortunate, its hardly what I would call "Huge sell as the African capital rIse will dilute you badly."

I can however understand your concerns around capital raise dilution. Back in 2019 SYA had 1.7b shares on issue and that's now ballooned out to 10.3b shares on issue. If those SYA shareholders from 2019 hadn't participated in subsequent equity raising exercises, they would be diluted to only 17% of the company. That's the sort of dilution that will hurt you financially.