Investment thesis
Despite flat/falling lithium prices, incumbent producers have recognized that future demand is real. All the "majors" have increased their 2025 estimates and now agree on 1MT, some with an upward bias. Ramping up production at existing assets to meet future demand is the logical strategy, however, especially in the case of brines, this is limited by pumping permits, freshwater accessibility, pond construction/evaporation times and permitting. On the hard rock side, labor skills, permitting and resource grades/impurities are challenges. Following the Wesfarmers (OTCPK:WFAFF)/Kidman Resources (OTCPK:KDDRF) deal the top 5 Western