It might be in PLS's best interest to allow the KDR situation to...

It might be in PLS's best interest to allow the KDR situation to play out. That means at least 31 May until WES complete due-diligence, flush out any rivals (RIO has obvs been suggested), or see any subsequent reaction to rivals. There could still be a bit to go on that front. Any KDR suitor who is revealed to be seeking a viable hard rock asset, may well turn their attention to PGG if they subsequently miss out (or even, *dramatic music* if they don't). The AFR have already reported that WES were interested in PLS (and perhaps not just 20-49% of PGG when they first asked), prior to their KDR play. They've stated continuing interest in LYC since. WES want to be dealt in, they want to ante up for the big game. They all know it's coming.

We've ventured here that WES interest may have even been the catalyst for PLS to chuck the (partially) 'For Sale' sign on the front lawn - in order to preference a partner who offer them access down the value chain, rather than simply a behemoth with cash. To preference the sale of a stake, rather than the whole listco. PLS, of course, know it's coming too.

Watching non-Lithium industry players make shark moves like this will not go unnoticed by the big incumbents (Chinese or US lithium industry giants), and all those with previously-stated plans which all rely on Li supply (from POSCO to VW and everyone in between), which all have billions already ploughed into those plans, and who had all been strategically positioning upstream with the luxurious benefits of time and deliberation which comes from being a discerning buyer in a buyers market.

That entire dynamic might be about to change.

How PLS play the next few months will be KB's legacy. It's his big shot at redemption. He, and the PLS board need to get this right.

It would be shameful of me to offer any advice. I'd be well out of my depth, as would just about anyone posting on HC. Do PLS maintain a stake in the big game as stated, diversifying their interests, or is this the time to play all sides against each other, drive a price as fever-pitch is reached, bank profits from a stellar few years and leave the stage with a bow and a big bag with a $ sign on it.

Looking forward to finding out.