Production won't get to 230 in the September quarter. As advised...

Production won't get to 230 in the September quarter. As advised in the quarterly, the 226kt production was due to the primary rejection being optimised and the full utilisation of plant. In FY2025 they have guided to 800-840kt, as two major brownfield expansions will be integrated into the operation. Once those two expansions are integrated and the plant is fully operational, it is possible that the operation could produce 850-900kt without the P1000 being commissioned. They certainly are producing the goods with their operational performance. Light years ahead of the other Spod producers and recoveries now pushing above 70%.

Once P1000 is commissioned, taking current production figures into account and allowing for a SC5.2/3 grade being produced, it is possible that PLS will have annualised production in excess of 1.15Mt or approx' 287kt per quarter.

At the current unsustainable (IMO) price of US $840 for SC5.3, that will yield annualised revenue of AUD $1.446B.
Once all the expansions and mining activities to support expansion are bedded in, unit operating costs will reduce and margins will increase substantially. Years 2026-2030 are looking extremely attractive and the institutions know it, hence institutional shareholding % now pushing above 60% and retail holder % dropping.

At US $1000, annual revenue = AUD $1.725B
At US $1500, annual revenue = AUD $2.59B
At US $2000, annual revenue = AUD $3.45B
At US $2500, annual revenue = AUD $4.31B