PLS reported solid numbers last week – covered Here. On balance we can see PLS trading between $4 and $5 for most of 2026 following its five-fold advance from its 2025 low.
While there is a good chance PLS may test recent highs again, after such an aggressive rerate as Lithium prices have bounced, we can easily envisage latent supply that had been mothballed coming back online, capping further price gains from Spodumene.
- MM wouldn’t chase strength in the Lithium names
MM is now neutral PLS around $4.50
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