Ann: PLL: Piedmont and Sayona Complete Acquisition of NAL, page-24

No definitely not in my opinion. But they have to have some ' rough ' structure to their so called " Quebec Content Undertakings " . So like any contract , its a bit like a 3 x 3 x 3 ( or in this case 3 x 3 x 4 ) whereby they are already producing high quality 6% spodumene during the first 3 years ( more like 1 - 1.5 in my opinion ) , then conversion of Carbonates in the 3 to 6 year period ,and then who knows how much Hydroxide capabilities by the start of 6 through 10 year period.

Question for me really becomes when are the ' Conversion Terms ' in accordance with these commercial contractual undertakings triggers the satisfying of these agreed terms. ie the Carbonate or the Hydroxide.

So you can see that there is significant room to ' Better ' the agreed performance targets. Particularly when a.) they were already producing near 6% spodumene before they succumbed to their last Administration , and b.) despite the narrative downplay by Lynch , they had already had the capability of producing Carbonates albeit not from a blended ore feedstock perspective.

So as has already been mentioned several times and what you so often hear in this Business - " its always better to under promise and over deliver " when it comes to these more General timeline agreements. Otherwise , it could be seen to be set up for failure again .....and I believe the Finance Minister and others have specifically stated that failing again is definitely NOT an option for Quebec and / or this Industry in Quebec.

So then putting ALL that together , you know that it will be a complete and resounding success on virtually ALL levels - Planning , Construction , Financing & Govt. Funding , Employment , Local Industry procurement ......etc...etc. ie - Completely de-risked from what we normally see of these sorts of projects.