The SP is a reflection of the market's confidence in a...

The SP is a reflection of the market's confidence in a particular stock. The best thing we have to a broad lithium sentiment is LIT which represents the entire supply chain, from mining to final battery production.

And you are wrong, LIT does include explorers and mining companies yet to make a profit, like LTR, LRS, CXO, and PMET, but not SYA. Of course it is weighed towards the best performers like ALB.

But you can't just discount how far SYA has dropped in comparison to LIT. More than twice the drop of LIT during this depressed spod price period, so as much as you want to, you can't just blame the price of spod alone.