Ann: POSCO Downstream Joint Venture Transaction Completed, page-32

I'm also astounded at how highly the market is valuing some of the pre-producing lithium companies, relative to PLS (and AKE), given their respective asset bases.

Usually the market values 'one in the hand is worth two in the bush', however there's a couple of companies for which I believe this doesn't stack-up with. I'm particularly astounded given this bull-lithium market means current producers will be rewarded with VERY attractive cashflow, which will fund a lot, if not all, future foreseeable Capex.Over-time as more lithium projects are brought online (mind you supply will be increasing too), these $5K spod prices will recede and the margins will return to a more sustainable level.

Current producers are getting a giant headstart on the others imo, from a cashflow-funding perspective (not to mention the other obvious benefits of opting for producers, being reduced exposure to approvals risks, delay risks or cost blow-outs in this current inflationary environment).