Agreed.FWIW on your latter point, I came across this snapshot...

Agreed.

FWIW on your latter point, I came across this snapshot from Accenture's analysis into the sector (I won't link here).



This seems to indicate that the value-add to the economy from diversifying the battery industries (onshore materials processing, etc.) is around +80% in gross value and jobs. Noting that while this considers the value-add to the broader economy, if there are further efficiencies to be found by keeping everything "under the same roof", then a vertically integrated strategy could be a very valuable proposition indeed. Not that this is really news of course, but I think the magnitude is perhaps larger than many consider.

Though I do suspect that a vertically integrated strategy might limit the number of potential off-take partners, the right deal could yield significantly better returns than just ripping out dirt and shipping base materials and precursors. If SRL maintain a low carbon emissions footprint throughout, then the narrative becomes very appealing in these negotiations. The boost to jobs also builds its own narrative towards government involvement.

All IMO, DYOR, GLTAH.