This prospect is particularly interesting I find. Well worth...

This prospect is particularly interesting I find.

Well worth remembering that Spodumene producers have seen the risks within their business models - Bottlenecking of processing capacity within China. It crashed the spot and Spodumene price while long term contracts of battery grade carbonate and hydroxide remained relatively strong. Good money was still being made, but it wasn't going to the spodumene of brine producers.

This will play out again, WA miners will ramp up quickly. Increasing supply only to be bottlenecked in processing, depressing spodumene prices whilst battery product prices rise. Chinese processors can effectively control the price. Let it rise, miners increase production and cap themselves in the process, while the processors reap the far greater margins. It's a dynamic that I've never liked and spoke about on here years ago. It'll happen again.

If the Lithium narrative is appealing, the greatest exposure is found in the companies that are genuinely producing battery grade product directly. Of which there are very few, most brine operations have their product finished by third parties to achieve battery grades, once again bottleneck and controlled prices. Look at the pathway for Sal De Vida (GXY) for example, that will be many many years away from achieving their stage 3 proposed battery quality output.

LPD for me offers the possibility of the greatest exposure up the lithium chain and the margins that accompanies that whilst skipping the risk/control/bottleneck point of third party processing.

Problem is, that while every spod/brine miner knows this. Achieving processing capability is far easier said than done with complex chemistries - Nemaska and Orocobre case in point.

I didn't invest in LPD for their mining prowess, I invested in metallurgists with the know how and experience to deliver battery grade product directly to market, rather than producing concentrated dirt that is beholden to third party processors.

That really is a big distinction between us and our peers.