Model Update, page-2

Spot on valuations, just assume that operating cost per tonne in SDV is closer to 4k (for more pessimistic values), production from SDV (assume it follows Orocobre worst case) a bit lower (due to quality assurance and AT wants to ramp up quantity but not for the sake of quality) although I will say the $550 mt cat pricing is a bit harsh, given current metrics, and how delayed the Li supply chain actually is. I would say potentially a bit lower, $1.50-2.00, and we realise SP shooting up post 2021 once cost KwH is $100 or less (once VW and Tesla have been established EV producers, and EV anxiety eases) and EVs are affordable to the masses (ie 20k or less), this acceleration in demand, combined with supply meeting the hunger, should drive up SP. And those variables are vary important to all Li producers, but the real challenge is proving that these cars are more convenient and reliable than the ICE car, and people are lining up to choose EV>ICE)

Bottom line: Model is looking great, just might be realized a little later, but whats another few more years to address these variables? Creating sustainable revolutions are very important to keeping the demand high, or EV will become a niched sector, and demand will tank, as will as the SP. (ie if the average joe doesn't have access and starts to make EV an elitist issue)