Rampup, which ship is PLS's 2nd ship 15,000t ?, page-6

Why are we looking at the ships and what does it all mean ? As cash flows in larger investors view PLS in a new light. If we take a concervative $850USD/t for the 6.256% Spod, (maybe higher or lower), and look at the USD-Aus currently 0.712 (may go higher or lower). assumIng a concervative 8 tImes multIplIer. Money talks.

1st ship Oct = 8,800t = $10.5Mill Aus = a run rate of $126 Mill Aus EBITDA a year, 8 times multiplier = MC $1.08B

2nd ship = 15,000t = $17.9Mill Aus (now if each month) = a run rate of $214Mill Aus EBITDA a year, 8 times multiplier = MC $1.7B ($1.36B current PLS MC lookIng well undervalued)



full stage 1 nameplate is 26,600t per month = $31.8Mill per month = $382Mill EBITDA, 8 times multiplier = MC $3.05B

full stage 2 nameplate approx 73,333t per month $87.5Mill per month = $1,050Mill EBITDA per year = MC $8.4B

Note: this is just the Li Spod, excludIng the Tantalium (unknown $) and DSO (approx +$14MIll today).

All these numbers won't be seen untIl the next quarter fInancials, but its easy to get a rough guide as the ships head out.


All IMO, DYOR and have fun.