[ATTACH] "If there’s one thing that most everyone who’s studied...

"If there’s one thing that most everyone who’s studied lithium knows it is that brines have cheaper opex than hard rock. My sense is that KDR opex will be higher than LAC’s, but not by too much. And from a valuation perspective, I believe LAC’s lower opex and slightly higher LCE tons could be off-set by some other factors, which could translated into lower discount rate/slight premium valuation for KDR, namely:

• Sovereign Risk - Australia vs. Argentina
• LAC carbonate only vs. KDR carbonate/hydroxide flexibility
• China-free: SQM/KDR is the only WA producer with no Chinese strategic partner; SQM/KDR will be the only carbonate and hydroxide from hard rock processed outside China."

Spodumene concentrates are typically 'cleaner' than brine source of supply and readily upgrade to battery grade product. Price for Battery grade is Us$1200/t -US$3500/t higher.