Great post mate and could not agree more with 99% of that,...

Great post mate and could not agree more with 99% of that, especially your last paragraph - couldn't be more true.

Regarding tolling, I think we can assume LPD is now a lock. The only aspect we tend to disagree (for want of a more appropriate word) is the 2nd component of Galaxy's future tolling plans/arrangements.
Not to stand between yourself and AC, but as I've been saying, I think the both of you are correct though you dismiss the viability of an off take partner processing a portion of MC concentrate production for little margin, which is understandable and AC is/was hesitant on the effectiveness of LMax, which is also understandable given AC is a self confessed Non admirer of alternate tech, a bit of an old dog new tricks school of thought.

So again, let's assume LPD/MC is a goer, done and dusted, that leaves the second component of GXY tolling.
It has been clearly stated by the company that arrangements have already been made with their off take partner to process (on behalf of GXY) a percentage of concentrate production to Carbonate and/or Hydroxide.
I stress the current off take partner part, in which Lepidico is not.
To me this arrangement isn't even up for debate, the only thing speculative is who the 5 year off take partner is. I think it's Yahua, but not sure .... but it's someone.
If that makes sense?