Agree, no need for quick offtake deals especially in this still lacklustre lithium market. Also I think because of the Renard option WR1 has a unique opportunity to remain independent which ultimately will maximise the value of the company for shareholders. It might be tempting to sell off the company with a $1-2 billion offer in the short term, but WR1 has real potential to go further towards something more like a PLS valuation of $12-15 billion in the long run.
Most developers will never have that opportunity because the immense capital cost of developing projects in lithium is now so high ($1 billion +) versus what it used to be when PLS was developed 6-7 years ago (approx $450 million) that it almost always will lead to massive dilution/JV/buyout. Look at what happened to KDR and its Earl Grey deposit sold out for $776 million to Wesfarmers in 2019 at a fraction of what that would be worth today independently producing.WR1 has a real and unique opportunity to absolutely maximise future shareholder value out of its assets, because the ultra low capital cost of the Renard option will not force it to sell off large chunks or indeed the entire project. I don't even know if even PMT has that opportunity - conceivably, due to its large market cap it could raise a substantial amount depending on how much discounting and dilution they would be prepared to accept.
Now all of this potential can't and won't be realised in 6 months, 12 months or even 2 years; but there does seem to be a bigger opportunity here circa 2030 or thereabouts when the lithium sector is forecast to be in a massive deficit and prices will be higher and by which time WR1 could be on Stage 2 of spodumene production and potentially getting into downstream lithium hydroxide production as PLS is now starting to with POSCO and Ganfeng.Now, of course if somebody offered me $15 per share today ...
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