PLS expects to report underlying Ebitda of A$71-75m, which is in line with our A$74m forecast. Reported Ebitda guidance of A$45-49m is reduced by expensing A$24m of construction costs relating to the mid-stream project. PLS expects to report a 1HFY25 net loss of A$68-71m, with the mid-stream costs and ~A$38m of losses relating to the POSCO JV driving a wider loss than our forecast of a A$25m net loss. The adjustments to the 1HFY25 result are all non-cash and do not impact our investment case for PLS. Importantly, the progress of the POSCO JV is positive, with Train 1 achieving Lithium Hydroxide product certification in November 2024 and Train 2 ramp up underway. We are reiterating our BUY rating on PLS and A$3.90 price target.
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