At least there is no 1.9% gross revenue royalty to the vendor...

At least there is no 1.9% gross revenue royalty to the vendor and major shareholder like KLL, your favoured SOP play. There are so many flaws in the KLL BFS it's hilarious. Inflating the SOP price at a higher rate than the cost line (so that the SOP price is well over $1000/t after a few years), using an 8% nominal discount rate and applying a $0.73c/t state royalty rate. Try modelling it with real life assumptions and I think you'll find the NPV would be substantially below the current market cap, the IRR would struggle to hit 10% and the payback would be a decade or more.