You make some "valid" points about having less value selling...

You make some "valid" points about having less value selling Chloride instead of Carbonate. Of course, Carbonate is the final product and sells at a premium. But the problem is you don't understand basic economy. When a product is in demand and the price is high, you need to sell and go to market as soon as you can. Why? Because customers want your goods and at the moment would pay a massive premium to get some..

So based on your reasoning, you think CXO selling DSO or PLS selling 5.5% spod is not smart? Man, CXO sold DSO (1.4% LI2O) for more than what PLS was selling 6% spod two years ago. And PLS profits are now increasing exponentially when they were having issues and struggling to reach the 6% they needed to a couple of years ago. But the reasoning is the same as your argument, CXO and PLS must be devastated they can't sell the 6% required to sell at a premium and sell a lower grade product instead because they are using their "premium" resource to sell at a lower grade? Disclaimer... No! they are not devastated, they are very happy to sell what they are selling currently, because it allows them to potentially distribute dividends earlier, reduce debt, think about M&A or further expansion at a faster pace.

It's exactly the same for GLN, if you can sell chloride two years earlier than full carbonate, you can limit Capex which could be hard to secure, reduce the risks of not having the battery grade for carbonate and more importantly, generate revenue two years earlier so you can think about stage 2,3, etc way earlier, minimizing dilution for shareholders, risks and costs.

Even if assuming the carbonate price falls to USD 40,000 in two years when we produce (and i dont think it will) and we only get 50% of that price for chloride (and I think it will be more as mentioned in previous posts and Spovend analysis) and we can produce for US3K pt (and it should be less), that's 17K profit per ton. Over 25ktpa, that's USD 425million profit per annum.. Not bad for a stupid idea..