CXO is losing money. I think it's a basket case even on any mild to moderate recovery in lithium prices. At least others like PLS are still making good money on what is probably near the bottom for lithium prices, but obviously much less money than last year. Some in the market are betting on further weakness or at least under-performance ahead of any recovery which could come this year or next - depending on which analysts you listen too. Brine not only has the potential for better margins at lower prices compared to hard rock, it has much better ESG credentials, so it should be preferred by the larger players if they are comfortable with the extraction techniques.
