Ann: PFS Outlines Compelling 4MTPA Expansion Option-PLS.AX, page-74

from announcement.. Expansion option subject to further feasibility,market analysis,board approval.
The option to proceed to 4Mtpa plant based on further feasibility study?
there is already a proven 120 million reserve.
market analysis?
GLC have 140,000 spodumene concentrate per year ,40% of total production of the 330,000tpa produced from the 2 MTP.
Another similar BOA of 140,000 from a major in china expected soon ,locks up 80% of production from a 2 mtp plant capacity.
Leaves 20% for Japan, US and Europe, to me that is having to say no to potential major customers until after 3 years in production to move to a 4 MTP plant.
Technical grade production only kicks in after a 4 MTP is in operation, so what happens with the Major European off take?

Economies of scale reduce the production costs ,
If MIN agree to meet the ROFR then that even puts further pressure on ability of a 2 mtp to meet demand.
Board Approval
Another 2 BOA plus MIN the board will need to review the 2mtpa base case to an appropriate market level.