There is no oversupply of Li because it's a chemical compound...

There is no oversupply of Li because it's a chemical compound because it pure form it's unstable.
There is way too much of the stuff China has which is low grade and which blows up batteries.

There is way too little of the pegmatite stuff that Australia has which is stable. The test is significant quantities.
AZS has a new Li pegmatite province at Andover. Unlikely to be matched in size but always possible there are significant discoveries out there waiting to be found.

Repeat the Li so called spot price is a furphy. You need to see Mr Lithium Joe Lowry speak on this with Money of Mine YouTube channel.