Pilbara Minerals Limited (PILBF)

[n4807g]

As we approach the 3rd Quarter report it's interesting to compare Pilbara to two of the recent spodumene miners that have garnered a lot of press concerning acquisition, and rumored acquisition; Liontown and Sigma. If you compare the three based on market cap, cash in the bank, current production, and forward production you get this view. I'm assuming that the annual production for each is sold, and at the same price per DMT.

Pilbara
Annual production 2023 580,000 DMT
Annual production 2024 680,000 DMT capital improvements underway
Annual production 2025 1,000,000 DMT capital procurement underway, improvements coincide with current improvements, completed 20224
JV POSCO Lithium Hydroxide (current) 18% interest option to increase
cash on hand 12/2022 approx. $2B AUD
Market cap USD $7.62B

Sigma
Begins production assuming no issues 270,000 DMT 4/23-4/24
Phase 2 annual production 2024 540,000 DMT
Phase 3 future development existing Brown fields, time-frame TBD
cash on hand 9/2022 $86.4M CAD
Market cap USD $4.14B

Liontown
Projected start production Q2 2024 annual production 500,000 DMT
6 years out plans to increase production.
cash on hand 6/2022 $453M AUD
Market cap $4B USD

I hope that the March report gives us more clarity on offtake agreements in place and being negotiated for production capacity increase. Also looking for confirmation the POSCO JV is on production track.