What the market didn't understand in both cases is how high lithium prices would rise. I posted this good article on lithium supply and demand a few weeks ago when it was published. Recommended read
How high could lithium prices go? | ***** News
(search for the article title on google, author Matt Fernley, published on January 05., I can't link to it directly)
The author was just interviewed by Howard Klein and Rodney Hooper.
E49: How High Can Lithium Prices Go? with Matt Fernley - YouTube