General Discussion Topics, page-30764

You raise some good points about the level of expertise of the BOD and Management Team. And to put this question under more scrutiny and perspective , remember how expansive and qualified the Nemaska BOD once was.

I remember even saying just that point where the level of success of a Quebec Company is measured directly by the quotient of the number of highly qualified ' French ' Canadian mining expertise was represented...... And look where that got them ......in the dust bin much like AJM.

But its not just a measure of that ' Industry ' experience at the time of going under or lets say being taken over as it is about ' Re-building ' a business and rising again like with AJM where there had been oodles of past Lithium lineage from way back to the beginnings of Orocobre .....who are indeed still here today and perhaps 30 to 50 times as big as when they first started out.

So with Nemaska , they now have the combined strengths of BOTH Livent who has been in Canada for yonks as well as the deep expertise of the Pallinghust Group. So yeah they would appear to have more ' Focused ' Industry experience now than they ever had before.

And so long as the ' Focus ' is aligned properly with the Business plans and ' Resource Strategies ' , then you should be able to execute even with a modest number of BOD members and key personnel. Because every ' Good ' Company aspiring to be ' Great ' should at least be able to handle 2 or 3 substantially growing ' Great ' projects. And so if you don't even have the ' Core ' personnel to do even this basic task of moving forward the development of key projects , then you are doomed from the outset in my opinion.

Lets just look at Osisko's journey again as a great example. Not only did they build a GIANT Gold producing company to the tune of almost C$5 Billion at the time of the Malartic Gold project as well as having acquired BOTH the Hammond Reef gold project in Ontario and the Upper Beaver project near Kirkland Lake ....also in Ontario. In fact just 3 years before its final takeover in 2014 , it was sitting on around 17.5 million ounces of gold reserves from it's 3 main projects which started with it's Malartic rights back in 2004. So in just 7 years , their 5 key BOD members built this HUMONGOUS Gold mining operation......and mainly through acquisitions which in some cases were over half a billion dollars in value.

So is it all that strange then that through over 10 acquisitions and corporate moves since 2015 that they have built up again a Mining Group by the same name with combined value of over C$3 Billion dollars...... And all done pretty much with the same 5 BOD members from the old days.

Its an interesting point you also raise in referencing the BOD members of Sayona. So for me , and in order to ' repeat ' a success story like Osisko is that it is very important that your BOD members are ALL and completely aligned with the Groups strategies. And i'm not so sure this case could be a strongly argued with Sayona with respects to Phillips , as I reckon he is only pursuing his own separate Agenda and not necessarily the important strategies and decisions that Sayona has and will continue to have to take in the Quebec Mining Industry.

And I would be happy if I was wrong on this point , but it clearly doesn't look like Phillips is aligned with Sayona's strategies - ie Moblan and that this is my opinion is a distinct difference in what Osisko was able to achieve with is common goals and directions shared by its BOD. So unfortunately , I see Phillips as more of a hindrance in several ways to perhaps what Sayona should be doing and what approaches it should be taking with its growth in its resources and tonnages.

Remember also that when you ' Acquire ' companies , you also often acquire their expertise and key personnel.

So using Matthieu Stephens as a great example of this' expertise by acquisition 'theory - he starts with Beaufield Explorations as it's Senior P.Geo and VP of Explorations in 2008 ......moves to VP Explorations ( 2019 ) and ultimately CEO at UrbanGold ( 2021 ) .....and is still most likely involved with Troilus Gold Corp right now , and who now has control over most of the Tortigny / Troilus surrounding Moblan mining blocks.

Another example can be seen where sometimes you will lose the talent as well. Just look at the well accredited Geologist Andre Tessier who is now a Director , President and CEO of Delta Resources who I mentioned yesterday , and who operates in the same Chibougamau area as Moblan . He started in this same Geological region as the Director , President and CEO of Murgor Resources Inc from May 2003 where he was there just under 12 years before they were taken over by Alexandria Minerals in 2015........and so has come complete circle back to this region as CEO of Delta Resources.

Interesting that Alexandria Minerals was then taken out by no coincidence and as mentioned in yesterday by O3 Mining ( subsidiary of Osisko Mining ) in August 2019. So my point here is that the ' Talent ' is still pretty much locked up in this region either directly by Troilus and their acquisitions or through Osisko and company executives and Geologists who have been in some ways connected to Osisko through their extensive Acquisition journey in this region.

Nevertheless ......Osikso appears to have been able to create significant sized companies not only once but TWICE , and are now sitting on a Group with combined Gold resources of well over 11 million ounces when you include their Val d'Or projects at Windfall and Urban-Barry together with Troilus's near 7.5 million ounces of total indicated and inferred resource. So you can't tell me it can't be done with particular BOD members with a unique ' Skills Set ' ....... With good people are always required on top of that.

Interesting comparisons to these Giant Quebec Gold and other minerals producers as to their Australian counterparts is that with say Troilus who has near 7.5 million ounces compared to DEG who is on around 9 million ......and Troilus is only valued currently at C$176.34 million as compared to DEG at 10 times that at A$1.723 billion......

So even at say a C$275 million offer for Troilus , this would only be around C$36.66 per ounce compared to DEG's rough discovery and development cost per ounce of around A$23 per ounce. So with around $40 per ounce sometimes being considered the mid to upper end of where prices start to be paid for Gold takeovers , I still reckon when compared to the Ground they hold , Troilus is a very very Cheap Gold and base metals play and something where I have already invested funds in last week.

I also took a position in Kenorland as well....and prior to that I took a position in Vision Lithium as well. For purposes of disclosure , I have traded Jourdan several times but have moved away from the La Corne NAL nearology district for the moment to focus more on the new Moblan ' underexplored ' area.........