Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-65

There's a very bullish case to be made for spod demand keeping these prices high, but $1,500/T would be reasonable and conservative to use as an estimate just to not get too hyped up as this can be dangerous.

Lithium demand is projected to skyrocket by 2040 in a similar fashion to nickel and a number of other elements. It's not all on the back of just electric vehicles either. There's geopolitical reasons why the west is looking to secure supply chains it can comfortably control without fear of sovereign risk causing a complete collapse in it's supply chain and leaving it vulnerable.

War is no longer just fought with tanks and jets, it's become economic and has stretched it's tentacles into nearly every aspect of the economy. For example, the US military industrial complex has thousands upon thousands of small contractors for regular things you might not assume.

This can turn into a far bigger topic but it all presents a very bullish case for battery metals in general, since they go into a lot of things like drones, phones and more which are expanding into mainstream life or even military usage (see the use of drones in ukraine).

The bearish case for this would end up being 2 potential issues arising as far as I can see:

- Global financial shocks
- Potential oversupply of metals coming online to offset increased demand

It's really hard to judge just how realistic those concerns are though, because they are extremely complex issues and are not insurmountable. They may even be overblown, but people's opinions on that generally get biased by their political leanings.

^ All just my opinion