As soon as I saw the GXY margin, I thought their offtake price...

As soon as I saw the GXY margin, I thought their offtake price went down. However, its due to operating costs of mining lower grade ore. They are likely in a contract and once that is renegotiated, their sale price will likely come down. By how much, no idea. They mentioned,

'The current state of the lithium market presents a firm foundation for price recovery and potential industry consolidation. The combination of forecast growth in the adoption of lithium-ion battery applications, incremental demand requirements expected for inventory build following destocking, as well as completion and commissioning of new spodumene conversion capacity are expected to support price rationalization on the demand side. This is further supported by continued supply side challenges that will limit the pace and amount of new product entering the market. Current prices for lithium materials in China are within the hard rock production cost curve and thus will slow the pace and level of capital investment required (at the raw material end of the value chain) in order to bring on adequate new supply to maintain market balance in the medium term.'

EV sales is the key. If they keep growing at their current rate, things should turn around eventually price wise.