PLS news today, page-24

My main reasons for thinking they may beat PLS to market, note it is not a given are the following:

Despite what some on here say they do have a shallow outcropping at one end they can easily get to, and are only planning on feeding a 1.5Mt plant for the first few years....i.e they only need access to 1% of their resource in the first year so it's not a case of digging millions of tonnes of overburden.

The recommissioning of the POS plant is estimated to cost $8m and if PLS and AJM can construct entire plants in 9-12 months surely they can get it done in around 6. Their goal is circa Sept for the POS plant to be ready.

The final factor which I think is big is that KDR already have a mining licence in place. So basically they are clear to go.

Legals and Met work are main outstanding risks. The announcement says it reacts well to magnetic separation and flotation. Will they be producing tech grade? I doubt it. Will they get the iron content down to usable levels? I think they will.

So basically in terms of using the POS plant they have a lot less work than PLS has to have a complete plant ready. Obviously OPEX on the POS plant will be a lot higher than PLS, so in my opinion on a cashflow basis PLS still wins over the next 4 years.

But as I said one is 150m MC and one is $750m. I think there is room for both and it doesn't have to be a mutually exclusive investment thesis.