Agreed, I don't think Opex is of any concern, but the point I...

Agreed, I don't think Opex is of any concern, but the point I made is lithium price will not fall back to below US$1,500/t as Opex increased across the sector. Also I think lithium is following up iron ore cycle, iron ore price initially started around US$12/dmt, then skyrocketed to US$180/t, down to US$39/t, then shot to a record high ~US$224/d, currently is around US$130/t. Where big 4 iron ore producers production cost is around US$20/t. Spodumene concentrate price peaked at ~US$8,300/t, usually the worst downside would be around 80%, then bounced 50-100%, stabilise at a new level.
All imo.