VOTE NO AGM 2023 RESOLUTION 1-5...... NO, page-1159

Who is really asking for the studies to be conducted is it PLL or is it really both SYA and PLL.

Does it really matter, the studies are already finished and in front of both BOD's and we will find out where that leads but at least give them a bit of time . The original target for that review was next year so it's ahead of time.

Yes Whiskey, it actually does matter who is asking for these studies to be conducted. Because its easy to once again sit on our hands and simply accept the studies as necessary. Without assessing if SYAQ has made this decision or if PLL has requested more studies on better enhancement. An as much as it could be said PLL put the study forward as a "in the best interest of SYAQ" I remind you also that its in their best interest to keep the cash coming in now at 50% of our production or 113,000 whichever is greater. This is as per KP said under LOM contract

The preliminary technical study already highlighted how robust the Carbonate plant route would be should we (SYAQ) choose to take it.

Apart from it being a HALF BUILT CARB plant, I note that some items needed to be replaced per the PTS study.

But also add the following into the mix per the pts:

Environmental Assessment and Approvals
The current lithium carbonate plant at NAL has the necessary regulatory approvals and permits to
produce approximately 20,000 tonnes per annum (tpa). A production increase will be subject to
regulatory approval.
At the provincial level, permits have been obtained for lithium carbonate production and for certain
project components. Some of the original permits were transferred to NAL following the acquisition of
the site in 2017 and transferred to Sayona Québec following its acquisition of the operation in 2021.
However, as new facilities and infrastructure will be required for the lithium carbonate start‐up, new
authorisation modifications will be required from the Ministry of Environment and Fight Against Climate
Change Wildlife and Parks (MELCCFP).
10%
20%
30%
40%
50%
60%
70%
80%
-30% -20% -10% 0% 10% 20% 30%
% Variation
Post-Tax IRR (%)
Spodumene Price Carbonate Price Exchange Rate
Blended Li2O Grade Opex Project Capex
Sustaining Capex
8
An update of the restoration plan with the Ministry of Natural Resources and Forestry (MRNF) will also
be required to include the lithium carbonate plant expansion. Municipal permits will be needed for
construction of the lithium carbonate plant. However, the Department of Fisheries and Oceans (DFO)
authorisation obtained on 8 December 2022 will not require any modification.

So the carbonate plant route is already more steps ahead so to speak from an environmental/regulatory stand point.

Then also add in the conviction from SYA with regards to the next steps:

Next steps
Based on the positive results of the preliminary study and the financial analysis, Sayona Québec has
decided to move forward with a definitive technical study for the restart of lithium chemicals production
at NAL.
To achieve the development schedule as shown in the preliminary study, major equipment packages
would need to be awarded early on to secure equipment delivery in line with the preliminary
construction schedule to ensure potential commissioning in 2026, subject to the definitive technical
study’s timing and outcomes.

So you have lead times on Carbonate plant items to ensure commissioning in 2026. Granted my understanding of what was written on the purchase of NAL gives SYAQ to 2027-2030 to produce at the very least a sample bach of carbonate.

So while you point out also to "give the board time", yes lets sit on our hands longer so that none of the above happens until a "further study" is done on assessment of Hydroxide.....

Point being here that not only does all the bloody above lead to CRACKING ON WITH CARBONATE. But also the fact not doing so will mean further delays, being second to the market, fines from Quebec gov and loss of further NPV to SYA through the SYAQ LOM statement by old Keithy.....

So no, the SYA BOD have had more than ample time since purchasing in 2021 to outline better timelines with getting this show on the road. You have competitors setting up new Carb plants that are getting on with it faster than our mob. Its about time they answer the hard questions SH have been waiting to have answered!