"Australia's" lithium calls have been historically low from what I've seen over the years.
In the past I've read discussion here and on PLS threads about these kinds of estimates. Basically it boils down to government bean counters getting advice from their "experts" and are highly conservative in nature. No one wants to be in an official body making a call and coming over the estimates, makes them look bad.
To avoid a kick up the bum they take a heavy conservative view.
Banter and general comments, page-28445
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