Here is a link to lithium price forecasts from Goldman Sachs and it has lots of detail on the difference between lithium spodumene producers, lithium carbonate and hydroxide. The value is in all in one producers like Ioneer will be in the future, plus the kicker of boron which is a stable market that reduces Ioneers exposure to lithium prices.
https://www.google.com/url?sa=t&source=web&cd=&ved=2ahUKEwjp5vOqodSNAxVHT2wGHYisL5sQFnoECD0QAQ&url=https%3A%2F%2Fdiscoveryalert.com.au%2Fnews%2Flithium-market-crisis-2025-prices-analysis%2F&usg=AOvVaw2GDOT8vJ7OqZWMrRR-D8NB&opi=89978449
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