Serious shortfalls predicted, page-10

Reminds me a little of the seemingly endless delays that Orocobre faced waiting on a decision to proceed with the Naraha converter in Japan.

In my opinion the timing was entirely in the hands of Toyota and Panasonic in that situation while Orocobre holders were in the dark. Those entities were working on a timeline based on Toyota's needs and the Toyo-Pana JV with pieces of the puzzle downstream to fall into place.

I see parallels with PLS and POSCO. Many Orocobre shareholders had given up hope.

POSCO is expanding it's cathode and other battery material production capabilities and will undoubtedly require a steady, reliable source of raw materials to feed their ambitions. While they are proceeding with their operation in Argentina, I believe they will still require the Spodumene converter.

So as frustrating as the delays have been for holders, I would not write off the PLS JV for the converter in South Korea. POSCO has spent considerable funds developing the project, appears to have continued to take delivery of SC6, and my WAG is a FID will be made to allign with their own downstream timeline. These large corporations have long term plans that unfortunately are kept close to their chest and typically aren't at a pace that would satisfy holders of the smaller upstream partner.

As usual with the Lithium industry, patience will be required.

Regardless of whether the POSCO deal eventuates, it would appear that PLS investors are factoring in a foray downstream - to me a move to chemical conversion is required to justify the current Enterprise Value the market has placed on PLS. With or without POSCO.