Margin PressureUntil battery-grade qualification is met, margins face further pressure as realized pricing nears sustained opex levels.
Pricing Pressure4Q24 pricing has continued to decline with the most recent realized price closer to $7,000 tonne, placing greater emphasis on Cauchari's ramp to lower unit costs.
Quality IssuesCarbonate quality issues persist, paying penalties for Ganfeng to upgrade to acceptable battery-grade spec.