General Discussion, page-1423

IMO this is a fantastic result and beats all my expectations.

I think the criticism on expansions is unfair for two points:
1) They have given guidance on when they expect completion of their main expansion projects. Finishing the next set of brine expansions first makes sense as SDV is already under construction and brine is currently more profitable than spodumene. Realistically, the delays to timelines aren't very significant (James Bay had an anticipated 18-month build time from prior AKE reports and the final permits were only issued in January, so even with immediate start we couldn't expect completion before 2nd-half of 2025).
2) They make multiple claims that production from their expansions will be close to nameplate. Name another Western lithium company that has achieved this for lithium chemicals. You can't, because they don't exist.

Unless you think that they are outright lying, I don't understand what's not to like here. They achieved a fantastic average lithium price, they made a significant profit (excluding merger costs) in a depressed lithium market, they have NOT put their main expansions on hold, they are showing capital discipline with spending but are still spending on growth, they claim to have realised significant cost synergies, and they are happy to sell spod while working on conversion options.

Tick, Tick, Tick.