I agree absolutely. The lack of understanding in the marketplace...

I agree absolutely. The lack of understanding in the marketplace of the industry as a whole is quite remarkable. To paraphrase an old advertising slogan "Lithiums ain't Lithiums "

Most analysis is conducted from either one of two backgrounds:

1: Mining - Dig it up, store it, ship it.
2: Chemicals - Process it, store it, ship it.

The first group tend only to see results from an operational and market efficiency perspective. How much can you get out of the ground and how quickly, and what is the spot price you're selling into.

The second group have no idea of the ramp up times and logistics of going from prospector to producer and the difference between hard rock, brine or clay. Neither do they recognise the difference between nameplate capacity and real world production.

Neither group has their head around the fact that both the physical and chemical profiles of the product needs to suit the individual battery maker's needs and that it's not as simple as buying off the shelf. Relationships are required to ensure compatibility of feedstock.

I think it is going to take considerable time before reality sinks in and the need for true specialists in the analysis of lithium production becomes apparent to major investment houses.