AVZ Peer Transparency, page-96

In addition to SF2TH's measured response and to ponder the question from @binwood as to 'Why would anyone fund that....' referring to a 33% IRR scenario for AVZ that is based on a very conservative grade of 5.8% and boldly assumes that no premium to the forecasted SC median price estimate for H2 2019 will be realized for Tier 1 product, and crazily assumes that tin and tantalum credits as well possible high grade feed from CDL (if required) wouldn't at all further enhance project economics.

And then ask yourself this: Why did Ganfeng only this week inject US$160m into LAC (in exchange for a 12.5% interest) for a project located in a fiscally and politically unstable jurisdiction - with an inferior resource to AVZ and an inferior IRR of 24% (but now probably much less than that given the lower prices being reported for LCE) ?

Answer: they can see the future - as can Tesla, VW, BYD, CATL and many others

And speaking of the future, binwood is also boldly assuming that AVZ will not receive a tax holiday for the first five years.