What they've spent is absolutely irrelevant. It's pocket change for RIO. They spend more, because they can. AGY doesn't, because they can't. It really is that simple.
Purchasers of lithium carbonate aren't about to say "JZ, we're so proud of how far you've come with a tiny budget; here's A$400m to have another go and hopefully you get things sorted this time. Third time lucky..."
They just want reliable and consistent supply, large scale, and at the lowest possible cost. Big players like RIO can provide what AGY cannot. It might not seem fair, but life's not fair.
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