Ann: Quarterly Cashflow Report, page-3

As a ' Quick ' ration check ......not a great return on Net Financing Funds s when you consider that they only outpaced cash used from ' Operating Activities ' by a meager $15,000 ( ie Net Proceeds from Financing was $1,650,000 compared with required funds for Operating Activities of ( $1,150,000 ) . So very poor result in my opinion , and obviously they HAVE to be waiting for the SP to re-rate so as to raise additional and perhaps some component of the NAL funding .

Because at this rate , they have Buckley's chance and none of raising enough at the current SP. This makes me have even stronger beliefs that they will be in fact ' Back Dooring ' Sayona Quebec and Authier into NAL rather than the other way around. Makes more sense and would still ' release ' value for shareholders with the ultimate defacto ' separation valued being more fairly attributable to the W.A Lithium and Gold prospects. Just a different view , but definitely cannot see them doing much straight up with the SP being as low as it is.....