We attended a site tour of PLS’s Pilgangoora operation, which highlighted that the P1000 expansion project is on track and on budget, with the introduction of ore sorting a key debottlenecking addition to the flow sheet. PLS noted that further growth (P2000 and Latin development) continue to be studied and importantly remain optionality and not the base case. Spot spodumene prices remain under pressure and will consume the bulk of PLS’s funding capacity through to the completion of the P1000 expansion if current prices persist into mid-2025. We expect recent supply cuts will be sufficient to drive a recovery in spodumene prices and reiterate our BUY rating on PLS and A$3.70 price target.
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