Ann: Piedmont Lithium Announces Q2 2024 NAL Production Results, page-9

This isn't PLL but Arcadium and its Paul Graves (CEO) discussing the market. I happen to think PG is a very good CEO (also an ex investment banker for those that hate the CEO for being an investment banker)

Now think about this commentary and what it may mean for PLL and SYQ (if you have the time listen to the entire earnings call) - its a bit of a long read but you'll feel smarter after reading it.

PG touches on demand side, supply side response and most importantly how a connected supply chain has a (permanent) advantage over what he terms a "merchant" spodumene miner. So for example, PLL's OTA with TSLA makes it "connected" supply chain sales volume. SYQ selling into spot is merchant sales volume.

Key commentary
"Much of this supply growth has come in the form of spodumene out of Africa and lepidolite in China, which is much higher cost than most existing supply. Much of the investment in these resources is coming from supply chains directly connected to convertors or end-consumers in China, as they seek to become more integrated into upstream resources as part of a strategy of establishing long-term security of supply. This is resulting in lower demand12growth for unintegrated spodumene, even as end market demand for lithium chemicals continues to grow."

He continues that train of thought as to how that changes the growth rates for connected v disconnected supply. Given where all that's headed its not a surprise that Arcadium has put "Galaxy" project (fka James Bay) on hold ... its "disconnected" vs Whabouchi and Nemaska which are connected and furthermore already has a contract in place for the Hydroxide it produces.