PLS announced the formal completion of the P680 project on 2 August 2024. Interestingly, within a week, the COO Vince De Carolis resigned from the company, departing immediately. The role will be filled by current General Manager Operations, Brett McFadgen, who moves into an executive role. The P1000 project remains on schedule and on budget, with 60% of the A$560m project complete at the end of June 2024. All major equipment is now on site and PLS expects to achieve first ore by the end of March 2025. PLS had net cash of A$1.0b at the end of June and gross cash of A$1.6b. PLS’s net cash balance troughs at A$800m on Argonaut spodumene price forecasts and A$400m if current spot prices persist for the next year. We believe PLS is comfortably funded to deliver the P1000 project even if depressed spodumene prices continue and reiterate our BUY rating but lower our price target 3% to A$3.70 due to softer spot spodumene prices.
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