Your take is very plausible and perhaps accurate to a T. Indeed,...

Your take is very plausible and perhaps accurate to a T. Indeed, things could be going better than what they seem in the surface. One just have to have an open mind when reading postings in HC. Perennial posters have the ability to cloud one's thinking, even though it has been proven that they make comments with no factual basis and their research flawed.
The PSP went with JZ to Puna Mining and met with the Salta authorities that now have granted the expansion permit. The PSP saw first hand what the filtration issue was at that time so the PSP is aware of the problem. In the meanwhile waiting for the expansion approval, detailed engineering works were commenced and has progressed. Now, an international investment bank is in the picture.
The production volume appear to be the result of different scenario operation testings. Rather than push forward to produce more and encounter new problems later, management could have taken the view that it is best to test the machinery and determine optimum performance at the outset. IMO
By this time, based on what I experienced with a steel making international joint venture during my heyday, efforts are focussed on operational stability and consistency. And we need to consider that no one among our peers has done this before Puna Mining.
Everything is fitting together. From completion of the 2ktpa plant and evaporation ponds that would supply the lithium chloride (not even GLN has done yet until 2025), getting a 180% increase in resource, estimating increased production capacity and mine life, getting the expansion approval, progressing with the engineering works on the 10ktpa plant construction and now close to attaining continuous production, AGY is now focussing on dealing with the PSP with the participation of an international investment bank. And who says, this is not progress? Only those who live in the past, talking of the 500t pilot plant perhaps. Go figure!
When Rio Tinto got their approval for their 3ktpa plant, they met with the Salta authorities to present their plans roughly two months after. Hence, I expect something similar from AGY/Puna Mining within that time frame.
DYOR AIMO
Right now, we should all be speculating on who the strategic partner will be.
The SP should find its way regardless of manipulation. My guess is it should be higher than GLN. IMO