best value fundamentaly in Pilgangoora, page-12

Not really true. PLS raised a lot more of their funds via equity than AJM. When you consider dilution the deals end up being incredibly similar. The payback period is the only real concern on AJM finance in my opinion - which if spod prices hold up I don't really see being a problem at all. I think they will need to refinance or get funding from Lionergy/ON though to fund stage 2 expansion. Again this shouldn't be a problem. PLS have done well in that area.

TAW is starting to pull back its valuation discrepancy but no debt is a luxury for them.