AKE Chart, page-3684

S t o c k h e a d:

"Nicolaci, Young and Heiner say companies which offer a transition downstream from spodumene production to chemical processing will offer better margins and outperform, favouring ‘low cost producers with quality resources’ over developers.

“On this basis we prefer Allkem (Buy) with optionality across the Americas and Australia growing equity LCE production >4x by FY27E and at a discount to peers,” they said.