Keith - The market wants LMax!, page-4

I think the market may have been confused by the previous presentation charts showing LCE processing production costs only?
e.g here, p9
http://www.asx.com.au/asxpdf/20160224/pdf/4359z8vzkpj80f.pdf
"Lithium process production cost estimated to be approximately $1,500/t lithium carbonate net of potash credits."

The new chart in the PFS, I believe, shows the all in mining and production costs, hence everyone's costs look higher.
Relatively, EMH is still cheaper than most, excepting the brine operations

As the PFS says, the low temperature sulphur roast is a cheaper processing option than the L Max route.