Ann: Quarterly Report - December 2018, page-192

This is very important because it is an acceptance that lithium is a commodity and will behave like a commodity by GXY management. The amount of times I have seen flawed analysis presume that because X company has Y specification contract it will be less effected or unimpacted by a broad market downturn has been ridiculous.

Even mature markets like IO, oil, coal and copper have these cycles as supply attempts to meet demand and often overshoots, so it is obvious that lithium will continue to experience these same cycles however given lithium is immature and growing strongly the cycles will be more volatile with greater potential for both over and under supply as the entire lithium battery supply chain builds capacity.