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I noticed there's a minor mistake in my calc; all in all still IMO... immaterial in the whole scheme of things.

If SC6.0 price remains elevated, it certainly does appear sticking with just spodumene can be attractive too but in the event LTR does go into a JV for the refinery my guess the priority and it is highly likely it would be one of it's current offtake customer - it too can be an attractive option (not just to LTR but also to it's partner)

As explained by @Proga, these two Project are treated as separate entity unlike in the case shown in the Downstream SS released by LTR - Tony did mentioned the current SC6.0 offtake agreement will serve as a pathway into a LHM offtake agreement (JV -> LG/Tesla/Ford).

For the time being let's assume they will go down the LHM refinery route and with reference to my earlier post using the 250% price scenario; we have the KV SC6.0 at 100% owned and assuming the Refinery at 50%.

In the preso, LTR provided an indicative converter margin of 34% - let's assume this is also applicable to LTR/Partner Refinery.

I would still see this plan as attractive; it should in theory able to provide approx $0.768/share in dividend annually once the refinery is at optimum production capacity .

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