PLS chart, page-2191

Bit of an unpopular opinion here perhaps but I think there will/should be a CR and I reckon they should hammer it - we are in a growth phase and debt has never been cheaper - the dilution is never ideal but the perception of SOI at this end of town is less dramatic imo - there are peers in different spaces to make this comparison.

I think they should raise a decent amount, especially now given the market cap and current balance sheet relative to that. I think they should build out their growth plans / accelerate the business as much as possible.

The demand side is not slowing down and only in it's infancy and the supply side is still short and will continue to be short in the coming years. I see no reason why they shouldn't accelerate their prospects and to be ready early, but turn the tap on at their discretion.

I want them to have the capacity to JV when they want to, throw money at things when they want to do and it all now before debt inevitably becomes less cheap and growth is funded from cash flow. Not a bad thing, and at one point in the future (3-5 years from now) a very very good thing, but right now, raise, expand and capture as much market share as possible.

As per the recent AFR article re: GB/Wodgina I do not see that ~100kt LCE coming online any time soon and I think it would be well absorbed into next year anyway by the demand side as we know exactly where that capacity is being fed to and there are starving converters already in China let alone Europe and the USA.

Anyway that's just my opinion. You want to tap capital markets as little as possible so I say if they do a raise, make it a big one, make it a bloody good one on great terms and grow grow grow.