From the article: "The analysts came to this conclusion after...

From the article: "The analysts came to this conclusion after carrying out a mine-by-mine analysis projecting lithium supply build-up to 2025 based on company statements, including potential risks."

So Moody's model is based on company statements. If you look in to Benchmark Minerals' methodology, they actually visit and inspect all of the mines and processing facilities, and also analyse trade flows at a fairly deep level (which is necessary since the marked is so opaque.) For this reason I would personally trust Benchmark's forecasts more than Moody's. That said, there is a lot of commonality to what Moody's is quoted as saying and what Benchmark have said over the past 6 months.

In addition to the Benchmark Minerals Report information included in the last two AGY market releases (PEA announcement and investor presentation), the following four interviews with Benchmark staff shed some light on their methods: