LKE towards TOP-5, page-7098

Yeah some are, some aren't. IB anlaysts aren't that smart anymore (relative to buy side), you find a lot of agenda based analysis, I use to do this back in the day. The other factor is research departments in IB's have cut dramatically, so they don't have the resources they use to have, benchmark would probably have better resources than IB's - when it comes to lithium market specifically.

Although you don't need to be that smart to see demand outpacing supply, that being said, I do think the price had got way ahead of this factor, a slight deficit (which is what 2022 is) should not correlate to what we have seen. I see prices around 25k-30k and use that when I analyse LKE. I wouldn't be surprised to see LKE use a lower amount in the DFS as it will still show a project worth going ahead with and will look better for debt financing.