General Discussion Topics, page-40972

I have my doubts that they'd place the refinery under an entity other than SYAQ.

As part of PLL's offtake with SYAQ, they'll be prioritising their offtake to SYAQ's refinery under Phase 2. If SYAQ doesn't own a refinery (as it's owned by SYA directly), there goes that requirement to prioritise Spod. So SYA would have to secure Spod from an other source. Moblan is obviously way too far away to economically transport - at which point that means SYA would have to be partnering with different Spod suppliers. Further, given the high capital costs of developing a refinery (in conjunction with funding a greenfield Moblan operation + exploration + G&A corporate expenses), I think SYA only being exposed to 75% of the capex for the refinery is a good thing. Otherwise they'll need to dilute the registry or leverage the company even further.

SYA have an aggressive pipeline of development plans - it doesn't need to try to overstretch itself too soon.

All I know is that (and including the caveat that none of us have seen the offtake), as it stands, PLL will have to receive a nice offer for them to give-up access to 50% of Spod at $900/tonne, with them not having to contribute any capex or opex towards this 50%.