In general I'm not totally convinced of much greater profitability of refining under normal circumstances...basically your converting 226,000tpa of spod at a lower price to 23,000t of Carbonate at a higher price and taking on risk and debt to do it.
I hate to break it to you Whiksy but the make up of the mandated agreement in getting NAL from the Govt in Canada is to go downstream by 2026.
This is what the government want. There are reasons why they want this mine producing downstream chemicals.
If this BoD are so slow thinking in only planning for 1 step at a time there will be no NAL or Sayona as they will be broke or have NAL taken from them or worse be valued like Morella 1MC.
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