I did watch the webcast yesterday. The best thing I found out of...

I did watch the webcast yesterday. The best thing I found out of the webcast was that they would take on more debt, instead of diluting. The extra debt will be used for the upcoming projects (see LTMs current price trajectory and output for Lithium until 2027 in the presentation).

However this does affect the opex numbers for the new mines in the presentation, LTM still has a usd 500 mln undrawn debt facility. interest rate will probably be between 8 - 10% and this means the interest costs should be taken into account on top of the opex numbers in the presentation.

The numbers 120kt for 2028 and 170kt for 2029 are ballpark figures I believe. I think 120kt / 140kt is doable in 2028, but don't believe LTM is able to get James bay up and running before the end of this decade as we are still in the phase to find a partner to co-fund this project.

What I found most telling during the presentation was the line by Paul that CATL at the height of the lithium market sold lce for 30 usd / kg to Chinese customers.

They are now closing a mine because lce is under 15 usd / kg, I think it is a good thing they are trying to create a lithium price bandwidth. In the long run this price stability will benefit lithium to stay a crucial mineral for batteries.

And when lce is at 20 usd, ltm should be profitable by 2028, have a good p/e and fcf. I like Pauls risk management, but I'm not sure about his skill to execute the upcoming projects.