Where do we go from here? Well, complete a PFS for a start. PLS...

Where do we go from here?

Well, complete a PFS for a start.

PLS has now reset the project scope by announcing a downstream refinery. There is also discussion by KB about different sized plants for Pilgangoora. A pre-feasibility study, by definition, has already fixed the project scale and scope.

The offshore refining option is still being scoped out. Therefore PLS is only at a scoping study level now.

What is the technology of the refinery, where is it going to be built, what is the CAPEX and what is the OPEX. The confidence in the business can only be as great as the weakest of its integrated components. Nothing is known about the new downstream venture.

How big will the refinery be - will it be matched to the output of Pilgangoora or will it be smaller? If it's smaller, then you will be selling spod to rival refiners - in other words, subsidising the competitors. What is the output of Pilgangoora - that seems to be changing depending on what day of the week various activists call the head office.

Company has returned to scoping level of study now. It's become more complex and has too many dimensions for the average investor or investment adviser to understand. With that comes uncertainty - gentlemen we nothing of the downstream business and there are a few other worrying gaps in information that need to be satisfied, like how many licensed water bores have been cased and is there is enough water to support the project?