I just finished listening to this podcast and my impression of...

I just finished listening to this podcast and my impression of what he is saying is a little more nuanced than this. But it’s also important to remember he is just one opinion (although he’s got a better view of the lithium industry than most).

The biggest takeaway from this podcast is that he is primarily calling out the importance of low cost operation (which inherently ties back to the scale of a deposit because at a basic level, the larger the amount of economic tonnes, the more ability a mine will have to produce at a reasonable total relative cost.

This unfortunately means (under Lowry’s view) that the CXO, SYa and GL1 style of deposit are not good homes for shareholders seeking premium returns in the lithium space. This shouldn’t be a surprise because anyone paying attention will remember a time when GL1 traded maybe twice higher than LRS, whereas now it trades at barely $100m mkt cap. Same with CXO and SYA - both were billion+ companies for a while but the market now has them less than half of LRS’ valuation despite both having already made it to production.

Overall Lowry’s message is:

low cost + jurisdiction + management are the three most important things and he also mentions he holds LRS and that LRS has all three (specifically mentioning the importance of Peter Oliver and of Brazil as a strong jurisdiction).

The other msg is that Brine is getting a lot of investment and will therefore play a larger role at some point in the future.