Ann: Presentation International Lithium, Graphite & Cobalt Conf, page-11

I think you're on the money.

Not 100% sure how it will unfold but I think the end game (after DFS is complete) is to be able to construct a 1.4Mtpa mine and have two partners each taking up 50% of the output, reducing the overall risk for SYA. UPFS might mention expansion plans depending on future resources upgrade.

I don't think the'll want to build a $66M mine with the option of doubling production in 3 years time) when they can just jump straight to a $120M mine and have 2 off take partners instead of 1.

Hopefully will look something like this. 20-25M from each JV for a stake in SYA, 40M capital raise and 60M debt should see us there (140M total). Hopefully by the the time we need to do the raise the share price will be 10+ cents so that total shares are not more than 2.5billion.

Even with 3billion shares SYA is still a 15-20bagger from here in 3-5 years time.