General Discussion Topics, page-87913

All of my calculations are based on the $900. I think we have to assume it as fact and move on... I am just throwing out some "Creative Thoughts" to the conversation.

As far as PLL goes. I think PLL will eventually get the mine going in N. Carolina. The US government wants some wins and will push it through. The mine itself is actually very small and only has a mine life of 11 years, once the ore body is exhausted the company will have to supply spodumene at market rates to keep the hydroxide plant up and running for the other 19 years of its life. Now they may or may not be able to extend the mine in the future but as tight of an area that it is in, I think it will be pretty difficult to make meaningful extensions. The contract they have with ALL is for 50% of their spod at market rates so effectively once our spod ends, they will be running the the Chinese converter model where they are left to the will of the spod market prices. The Chinese margins are being squeezed right now, so unless PLL can make a deal that prevents them from being at the will of the market they too will be working on smallish margins compared to those of a fully integrated mine like Sayona.