Help With Valuation Exercise on COB, page-47

The lithium prices I quoted were all from brine, no spodumene at all. I'm looking at South American shipping data. Spot price is much higher than the forward contracts.

3 month forward contracts are not the same as long-term supply contracts. I'm referring to the latter not the former. At least in the lithium brine space, it looks like the producers are all selling on long-term contracts that are far below the spot price.

So your point on Cobalt is that the contract prices and spot market are identical? That would be unusual for any commodity.