My guess is that there is a belief that Ganfeng (with the other...

My guess is that there is a belief that Ganfeng (with the other majors) will ramp up production and squeeze the juniors out next year*. Since NMT is in a 13.8% JV with Ganfeng on Mt Marion, which owns 43.1% (Mineral Resources owning the other 43.1%) they are perceived as secure. This may be true for those virtual developers needing favorable SP conditions to fund their projects to production through cap raises.

Those developers that are already producing however, are becoming an interesting investment option due to market ignoring stable fundamentals such as lithium spot prices and current production bottlenecks by the Big 5. Producing juniors (ORE and GXY) are in a position to enter the market or be bought by the majors in order to increase supply, both scenarios are favorable for the investors however.

*In a frank interview with AFR Weekend, Jiangxi Ganfeng Lithium executive vice president Wang Xiaoshen said it was hard to predict the timing of an impending wave of lithium supply but an oversupply situation was possible and if it occurred it would threaten a basket of high cost producers.

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