That chart and figure of $2397/t of LCE has nothing to do with the cost of production - it’s essentially just market cap divided by amount of defined resource (converted into LCE to enable comparison between Spodumene, brine and clay).
You can appreciate that current producers are mostly on the right hand side of the chart, meaning they are highly valued due to their less risky status, whereas pre-producers are valued lower per unit of resource, due to their more risky status, with risk of capex blowouts, capital raising, something else going wrong etc.
Ann: Significant Increase to Finniss Mineral Resources, page-187
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Mkt cap ! $214.3M | |||
| Open | High | Low | Value | Volume |
| 10.0¢ | 11.0¢ | 10.0¢ | $1.502M | 14.37M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 78 | 5970714 | 10.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 10.5¢ | 250000 | 2 |
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