Ann: Board of Director Changes, page-199

I see this move as a rehashing of the board for the next phase and a case of The Peter Prinicple in action. To appreciate what may be happening one should go back a little in time.

I picked up my interest in Sayona because of its connection to Altura/Morella. Buckner and Brown are the common link. I thought they did a good job at Altura in getting the thing to run at nameplate without problems. But the finance risk of leverage in a declining lithium market was against them then.

Sayona was a shell awaiting direction back in 2013. It was then recapitalised and relisted. Crawford had been appointed to get the recap going and Buckner and Brown became directors as part of the recap. I tend to suspect a lot of that early funding was tied to Buckner and Brown and the pair looks to me like a marriage of the capitalist and the operator. Lynch was appointed in 2019 and he did his bit at least for the next three years. I don't begrudge him being given a bit of a handshake as he left the door. From a medium/long perspective Lynch added substantial value during this tenure. In my view, Crawford on the other hand just happened to be in the right place at the right time.

Buckner and Brown's control at Sayona is evident in the equity only capital structure for risky activities. The Morella earn-in is then easy to understand. To realise Sayona's true potential there is undoubtedly a need to have the right talent to move mindset from explorer/developer to developer/producer. Today's little surprise, unpleasant as it is for shareholders, I suspectis the beginning of a reorientation for the serious business of generating cash.

Brown as interim CEO is a good idea. Good luck all.