The one item I look at when investing is the barrier to entry for competitors.
Currently it takes approx 12-18mths to build a Li hardrock spod mine, then approx 6-12mths to optimise recovery rates. Li Brine much longer. As such you have to think can supply actually catchup with a rising demand ? Yes their are a lot of small players with resources, but those too lack funding to get started. I see demand rising quickly H2 as more Lithium Hydroxide hardrock converters come on line, but supply lagging.
Those with an operating mine and now have the IP knowledge of how to double and triple capacity output of the known resource properties are in a great position. What PLS is learning about their large stage 1 will for sure reduce the risk of stage 2/3.
All IMO DYOR.
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