"The current pricing is not indicative of what lies ahead. It simply does not incentivise new projects at the rate they will likely be required."
New projects, including Rincon, aren't incentivised at current prices, and I agree with that. But like it or not, the larger players (ALB, SQM, LTM, etc) are still aggressively expanding to make up for low prices via higher volume. That's not conducive to a lift in higher lithium prices in the near term. Many here were utterly convinced that lithium prices would lift significantly after Chinese New Year, but it wasn't to be. As @Jezzaaa pointed out, the current pricing situation is something that is likely to take years, rather than months, to resolve. In the meantime, it's an extremely tough environment to attract significant CAPEX investment, particularly when you need around double the current market cap, as AGY does.
While you anticipate that the expansion will be built in a couple of years, I believe it will take that long just to attract investment and get started. Because, as you said, new projects aren't incentivised right now.
(20min delay)