Valuation at 25c by Beer & Co, page-2

Beer & Co initiated research on PLS in September 2014.  At that time the share price was 2.5c and our valuation was 10c. Despite the delays to Tabba Tabba, Beer & Co has progressively upgraded our valuation, as we have suggested was possible.   Beer & Co sees further upside potential from :


 Successful project delivery and hence de‐risking;  


 Further upgrades to the Pilgangoora estimate; and

 Reduced costs through lower waste to ore for Pilgangoora, as our analysis assumes 10t of waste per tonne of ore, and Figure 6 shows the potential for a lower ratio. Beer & Co maintains our

Strong BUY, High Risk recommendation.


sorry for the awful formatting. These are some highlights