LPD Valuation, page-26

While you ponder those thoughts @cmonaussie, please add these couple of points:

Spodumene Comparisons

Spodumene processes also undergo continuous efficiency improvements. The general point being made may be lost in a peripheral argument around precision (concentration levels are approximate, with actuals certainly being different).
With the technology now proven, OT customers will do their own rank assessment, without the need for LPD to highlight the performance of alternatives.

DFS Validity
The DFS is the only reference document in the public arena. As an introductory document is remains useful, but analysts ought to take care if it is being used for future projections. The FEED has added cost and efficiency (particularly a reduction in maintenance downtime). There is only limited value in spending too much time with the DFS when the control estimates are pending. They will be considerable more useful in 2022.

Cs/Rb
I not aware of Separation Rapids actually producing Cs & Rb. There is other resource available around the world, but LPD was more likely highlighting production ready resource.

Appreciate the constructive engagement.