Ann: A40: $32.5m Strategic Institutional Placements, page-165

I don't disagree. I'm not enough of an expert to know what the Li price ceiling will be long term but it's going to settle somewhere lower than the bonanza prices we were paid over the last few years.
As you say, in that case the companies that are going to go well are low cost producers. I used to think that this would be GXY via brine, but enthusiasm has cooled on carbonate at the moment. Who knows what possible improvements in extraction tech will bring, but if that's not going to be the route, they're going to need scale in hard rock, which is why IMO this makes sense. I would like to see them resolve either to build SDV or take over A40 in the next few months, depending on how they see themselves securing low cost supply in the future (to complement Mt Cattlin's low cost but short life operations).