Ann: Investor Presentation - BMO Conference, page-116

I don't think Opex of $1,500/t is reasonable.

Here's CXO as an example:
- First spodumene produced on 27 February 2023, produced 3,589t in the March quarter; 14,685t in the June 2023 quarter with C1 cost of A$902/t.

Quarterly spodumene production of 14,685t (FY23: 18,274t) at a C1 unit cost of $902/t (FY23: $1,230/t).

CXO did have excess rainfall, very low recovery (49%), and a much lower annual capacity.
As CXO's guideline of 80-90ktpa spodumene, LTR's capacity is 6-7 times of CXO.
Economic of scale prevails, imo.