THE COUNT DOWN: Liontown crushes first ore at Kathleen Valley!, page-220

You don't have to, in any case, many of you only want to hear the positives - the church is strong.

I have given precedents to explain why when a technology starts to mature, you get more competition that drives prices down, so battery costs will only go lower as would EV prices. EV prices need to reach parity with ICE vehicles for mass adoption, to date only Chinese EVs can, Western OEMs are backtracking as they are not ready and prefer to hide behind the tariff wall. It would simply mean EV penetration would be at slower pace than originally projected. So lithium is needed but demand growth would be less than projected and with new supplies coming onstream nonetheless (and BYD getting its lithium from African and Chile mines), we should expect lithium pricing to stay lower for longer. And it has to, in order to ensure EVs can continue to be produced cheaper. So lithium pricing staying lower for longer is good for EV growth, but EV growth unlikely to translate into much higher pricing for lithium as previously experienced.

Where the disconnect is, is that EVs and Lithium stock valuations have front-run or gone ahead of themselves -so prior elevated stock prices were premised on higher expected EV demand growth and higher lithium pricing, these have now moderated and could continue at modest growth. Hence the premium that lithium stocks and EV stocks have had has evaporated, at least in the foreseeable 1-2 years or even longer should the global economy face a hard landing instead.