I made myself a summary of all the Stage 1, 2, 3 deals and promises. Thought I'd share the summary and my observations. Interested in any errors posters may spot and/or their own thoughts on this.
Observations:
- With end of stage 3 meant to be "up to" 1.2Mtpa of SP6 and existing options with GFL and Posco ... there's less than 20% of Pilgangoora stage 1+2+3 production available for any new customers or equity partners. Seems ambitious to want to sell 20-49% to any industry player with <20% production volume remaining (until options start running out in 15years time).
- IMO GFL and Great Wall seem to have got a suite of pretty amazing deals vs what Posco and General Lithium have paid in cash and kind (less cash provided and Chinese carb based pricing).
- On the other hand, the Posco deal looks amazing for PLS (A$80M equity at 97c, another $80M unsecured to fund PLS part of JV, price linked to Korean prices of carb + hydroxide).
- Telling the market how incredibly profitable the board thought Stage 2 would be before locking in the cash from GFL and Great Wall would seem a strategic mistake IMO (both then negotiated lower funding for same offtake leading to more additional funding required for Stage 3).
- Personally I'd like the Posco relationship and JV to be the focus of management and the board. WIth LOM agreements this partnership is for the long haul (and seemingly much more 2 way than the Chinese deals.
Others thoughts?
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