AGY LOM Equivalent, page-52

You need a solid DFS if you need to go begging for cash which your investment will absolutely need to do.
What is better than a DFS to an investor? A real modular 2kt/y operation producing battery grade carbonate. I've seen companies go peer shaped even after having a BFS. Nothing trumps actual production to prove feasibility.

Much riskier.
* 3X the capex for same amount of production
* Low concentration needing new DLE tech
* No company income for many years by which time a potential cool down in lithium prices could occur
* No company income giving you no option of self-funding