I always say that I think that either LTR or PLS has the best...

I always say that I think that either LTR or PLS has the best management team in the Lithium Mining Industry, and on this subject, they've both already shown they're ahead of the curve in looking at midstream and downstream (by way of disclosure when discussing LTR v. PLS, I own shares in both, in similar amounts, by value). Consider:

1. LTR already has their feasibility study going with Sumitomo, which is to look at several options, the primary concept being to develop midstream refining at KV and then shipping our midstream product (likely either lithium phosphate, Li3PO4, or lithium sulfate). From there, we would ship our midstream product to Sumitomo in Japan to refine to Lithium Hydroxide (LiOH), all as part of a JV which would allow LTR access to Sumitomo's downstream IP.

2. PLS currently owns 18% of their JV with POSCO, producing LiOH in South Korea, with an option to raise that to 30%. They're already producing LiOH while ramping-up Train 1, with Train 2 commissioning later this calendar year.

3. PLS is currently constructing the plant associated with their PLS/Calix JV at Pilgangoora. That plant is to produce a midstream product (Li3PO4), while also trying to produce proof-of-concept that calcination (roasting) can be performed via electricity instead of typical fossil fuel fed calcination, with the idea that electric calcination could be fed by renewable sources of electricity, rather than burning fossil fuels.

4. PLS announced a new partnering agreement with Ganfeng (25 March 2024) that will include looking at several factors, but which at the end of the day is about building a 32 ktpa LiOH refinery somewhere that ISN'T China, and sharing their IP.

I know that other Australian companies are also involved in LiOH refineries, in Australia, but let's be honest, the driving force in each of those three refineries are SQM, ALB and Tianqi.