It's exciting isn't it. PLS has gone crazy over the past year...

It's exciting isn't it. PLS has gone crazy over the past year but that's not exactly unwarranted. The AJM acquisition was perfect, and as a current producer they are ideally positioned to take advantage of the current spike in spod prices in a way that the many spod hopefuls may miss out on when greater supply hits the market later on. Though who knows how that will play out.

But... then what? PLS have played their entire hand. It's a really good hand but... what next? They don't really have any huge untapped resources to expand into. The JV with POSCO seems to be eternally "around the corner". POSCO seem happy going it alone, I don't see PLS having much to offer them besides a nice steady offtake. PLS could buy out some smaller companies to get their resources but market caps are going up across the board, it won't be cheap.

GXY/ORE on the other hand has a staggering amount of lithium. And it's not stuck in uneconomic clays or very low grade geothermal brines. It's good stuff in good locations near existing infrastructure. They can just keep expanding and expanding as much as they want. As other companies run out of natural expansion pathways GXY/ORE will just keep growing and growing. This is the BHP/RIO moment, where you secure the biggest and best resource and then just sit there printing money forever as other companies desperately fight over less economic resources to fulfill the seemingly endless demand. Battling the up and down commodity cycles while the big boys just print money and laugh.

This is the long game people. GXY/ORE are still very much winding up and may miss out on any crazy demand spikes in the immediate future, but they have a clear pathway for a massive long term operation that no other company really has. Sprinkle in some future DLE advances to deal with environmental concerns and further upstream expansion in Japan to vertically integrate the supply chain and we've got all the bases covered.