Ann: J.P. Morgan Corporate Investor Day Presentation, page-53

Valid point.

Also worth remembering that @Heeman is talking out of his Heearse, as the contract is confidential and nobody knows what the pricing looks like. So any discussion of gold-plating to boost cost plus returns is going down a very theoretical rabbit-hole, that has nothing to do with TAW.

It's possible that KDR dropped their pants for Tesla, but we're completely guessing to say what is "likely" about the deal.

I would say it is more likely that they signed a competitive deal, modestly discounted to spot prices. A small discount for Tesla and protection from upside risk, the first of a few deals signed on the dotted line for KDR, plus certainty for both sides.

Remembering also the context of the lithium market, and that market power seems to be with the producers, as we have heard with MC's comments about Burwill wanting the new supply "yesterday". KDR are 6 months from finishing the feasibility study for the refinery. I don't see them having jumped into bed for CP +10%. They're not in any rush.

But hey, maybe I'm just guessing too.

None of which has anything to do with TAW, other than bringing some attention back to lithium stocks.