Sorry but I'm calling BS on those statements @Megafauna and @Paddywagon1982 unless it's meant in jest
Sophs and funds are not the counterparties to an OTA. An end user is the appropriate counterparty ... so an auto OEM, LiOH refiner, a CAM company or such. I gave the example of LG Energy Solutions with GT1 ( or you could use LG Chem with you know who). Perhaps another might be General Motors investing a big chunk of cash ~US$650M to stake ~20% equity stake in LAC and 100% OTA (40Ktpy) of Lithium Carbonate for 10 years from Thacker Pass project in Nevada.
This was an opportunity to SECURE SUPPLY in exchange for equity in the source rocks through to the possibly refined product. I don't get it (but then I'm not paid to "get it"). This is a run-of-the-mill equity capital raising.
Bigger than PLS? When? PLS will have 1Mtpy of SC production by about 2026 ... did I miss something? SYA needs ~10X present capacity to get that.
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