What's interesting, for those playing at home is the brine...

What's interesting, for those playing at home is the brine assets are now the most attractive if you believe the "balanced narrative".

For example, LAAC's cash margins are still circa 50% in this environment. They will report soon and we can see the details. Additionally assets like those owned by livent and ake (now LTM) also have costs well below hard rock with contracts that are set 12 months in advance.

Will we see a pivot away from hard Rock being king? Not sure, but it's hard to dent the incredible value emerging across brine assets. One would suspect that any non tier 1 hard rock assets are likely to go bust, while IGO, PLS and MIN can continue to grow production at these normalised prices. Brine assets are going to continue to increase and between those two assets will likely be able to supply the revised forecast demand increases.