A few points to nitpick from your post, not for sake of just contradicting you, but moreso for clarity. As investors we should all strive for maximum objectivity.
First, none of these 12 “lithium analysts” or any other lithium “experts” foresaw this crash, or how hard prices would fall, yet we’re supposed to take their $1,400/t usd long range forecast seriously? I think I will pass on that one.
Second, that long range forecast is based on china pricing. SYA will have the benefit of IRA-compliant spot pricing which unquestionably will fetch premium pricing over china pricing. The question is when does it kick in? Unfortunately not until enough western refineries come online, I believe.
And third, as far as the MRE. A lot of drilling has yet to be completed. For example, Moblan- there’s still another 70,000m of drilling to be accounted for that wasn’t included in the latest MRE. The guess here is that it will move much of the inferred into the indicated, as well as find more inferred, so all in all, Moblan is still projected to exceed 100Mt in total reserve. If I’m not wrong there’s also another 30,000Mt coming for NAL.
Lastly, maybe POSCO isn’t looking to overpay or they think SYA is too small of a fish, BUT, they are looking to get into the US auto market which is the biggest outside of China (and still the biggest economy), and if they are going to do that, it will make far more sense to build their own vertical integration on the continent. With NAL producing on a commercial scale, SYA has a running start over everyone else.But will the BOD be willing or strong enough to negotiate with that advantage in mind? This is where I close my eyes and hope for the best. We will see.
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