LKE towards TOP-5, page-24001

The next slide shows Benchmark's forecasts for supply (by probable sources) and demand (both Base Case and High Case). Note the increasing deficits going forward and consider what has been announced in recent times regarding projects pausing production due to the low Lithium price. Many of the illustrated projects (including operating and new projects needed) don't have the incentive pricing required to add to the supply side - resulting in the graphical representation of reality shifting from the chart on the right, more towards the chart on the left. Ultimately, this changes the timeframe for the realisation of those supply deficits shown over the next few years and beyond.