Ann: Lithium Results Continue to Grow the Beecher Discovery, page-93

Most lithium stocks have depressed SP. But many mines such as Greenbushes (cost to produce SC6 ~$345) still have very attractive margins.
And that I think will be the key for future startups. Low cost, no deleterious materials, easy mining.

What IR1 needs to start the rerate is a MRE and a PEA over Beecher. That always takes time.
Probably the SP was overdone during the lithium hype when SP6 was fetching $6+k/tonne.

But if you believe in the EV story, of low carbon and clean air in cities, which I dont think is going away ever in the future, then lithium is front and central as a charge carrying ion in the needed batteries.
And there are huge tech improvements in sight -

For Li Ion, inclusion of silicon in Anodes, and coatings with niobium in Cathodes. From those changes and others yet to be discovered expect x10 improvements in some specs over the next 10 - 50 years. Our batteries today are at the Ford Model T stage, but recall that the Model T changed the world.
The first application for these super-Li ion batteries will be in aviation, and the military - huge pressure there.

[For sodium ion too there are new techs emerging - but the Na battery uses a cyanide cathode, and I worry about recycling or disposal. But if that's a problem and it is solved they will form a low cost low performance battery]

Stay tuned - there is more in the form of dollars to come.

DYOR, Not advice.