My answer is 'cautionary' in nature, based on the MACRO factors...

My answer is 'cautionary' in nature, based on the MACRO factors affecting this sector and most other sectors. Like you I am not down-ramping but trying to be realistic. Although there is a supply deficit currently (and tentatively forecast )....... no-one really knows how deep the global economic downturn and 'manufactured' recessions will bite into the demand side of the equation.

I am for a long time deep into Lithium and other battery materials AGY, AKE, PLS, LTR, MIN, TLG, SYR, and of course CXO. I think the medium term (3-4 years) will be very profitable regardless of Tesla and any other contracted off-take agreements until more supply becomes available.

My view is that companies like Tesla are unlikely to contractually commit to LONG TERM 'guaranteed volume off-take agreements while the world economy is in such a state of flux and I think customers will want CXO to be flexible in this regard. It will be interesting to see how things develop over the next months. I am not sure why the Tesla deal was delayed ? (someone else might be able to shed some light on that) but I suspect it is a case of timing and 'wait and see' where the market is going. There are predictions of a commodity market slump, but how much this slump will effect a lithium market that is currently in supply deficit is the big unknown. I think the future is extremely bright in the medium term for the battery materials sector regardless of what happens with Tesla and other contracted off-takes.

This just my opinion, and not offered as to be taken as financial advice.