Combine grade with low cost open pit at massive scale. Greenbushes is a freakish deposit in a convenient location.
I don't particularly agree with the UBS numbers on an AISC basis. I think they are all a little higher than that. However it does provide a rough idea of the "pecking" order and comparitive costs.
Compared to FY25, I expect FY26 to be a stronger year for PLS in terms of cost, coming off the back of significant upgrades. LTR likely to have a difficult and costly year processing a large amount of ore sorter material and transitioning to sole UG mining. Greenbushes is more of a steady workhorse, but should be noted grade expected to steadily decline while remaining higher than Aus peers.
I am a bit wary of the cash position of PLS as it can provide a bit of a cushion irt minimising costs, compared to the sword of debt facing others. Dale's purchase shows his continued confidence in the project.
IMO PLS provides the most upside among Spodumene producers at current SP. Relatively it appears undervalued.
PLS Price at posting:
$1.21 Sentiment: Buy Disclosure: Held
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