Ann: Li2CO3 Spot Sales Contract Executed With Korean Customer, page-51

You could be right; it ultimately depends on how AGY handles their accounting. Specifically, it matters whether the income from this sale is recorded as a 77.5% share on AGY's cashflow report or if only the actual profit from the JV is declared as income. I suspect you are correct, and it will be the latter.

However, I disagree with you about pricing—it definitely matters. Ignoring positive assumptions without supporting evidence, there is no information suggesting this is anything but a one-off sale rather than a precursor to a long-term offtake. In such a case, the price received is crucial. Unfortunately, this sale only generates enough revenue to sustain about a week of operations at Puna.