Great analysis. I was just about to write something similar but you've hit the nail on the head. 6 months ago I was anxious thinking POSCO had removed their JV offer because PLS might accept the offtake agreement without the JV, as spod supply was plentiful and POSCO could source it elsewhere. But now the BMX auctions have flipped the market on its head. I rarely think events are pure coincidence, such as the situation of the POSCO JV being continually delayed but at the same time, PLS has hosted two BMX auctions that have flipped the entire spod market.
I congratulate Ken and PLS management team for their amazing work. They have clearly utilised existing tools (eg BMX auction) to uncover the real spot market and hence the true value of their product sold under offtake agreements. I no longer believe our future is reliant on the POSCO JV outcome. I think the offtake agreement is important, but the potential cancellation of the JV is, I believe, on PLS's terms - not POSCO's!
I'm holding this stock for at least another 18 months, but I'm going to focus more on the price of spodumene, rather than the stock price. So around September 2022, I'll update this thread on whether my home renovation will be funded by PLS or the bank.
GLTAH.
POSCO & PLS, page-14
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Last
$2.89 |
Change
-0.085(2.86%) |
Mkt cap ! $8.671B | |||
| Open | High | Low | Value | Volume |
| $2.86 | $2.91 | $2.84 | $28.99M | 10.08M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 45 | 157345 | $2.88 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.89 | 255775 | 76 |
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| Last trade - 13.59pm 02/09/2024 (20 minute delay) ? |
| PLS (ASX) Chart |