…aside from the macro goings on, this is a useful reference to...

…aside from the macro goings on, this is a useful reference to put the China carbonate spot price slump into perspective. Recent podcasts by Joe Lowry, Matt Fernley & co are also saying the same thing - supply tightening and price bounce this year.

I do wonder what effect this will have on the timing of an off-take announcement for GLN, which is key to SP IMO…

DFS will give us something more concrete to show the market, and domestic pilot permits will give the green light to sell 4ktpa. JP & team would, I expect, be looking to secure best prepayment price for offtake, as this would offset any amount needed via CR to fund production (and we don’t want to do a CR anywhere near these SP levels).

Part of me thinks that some off-takers might “wait and see” on spot price, which could put GLN under pressure for cash later in the year. The more sensible part of me says that the seven or so parties in Argentina that DJ referred to in the JL podcast are sophisticated enough to understand Li price dynamics, and that an offtake could happen sooner, perhaps after the DFS and permits are in, assuming all goes well there.

Anyway, just some musings FWIW.

All IMO GLTAH