Ann: Piedmont Lithium Sells Portion of Atlantic Shares to Assore, page-31

I understand the point you are trying to make but it is incorrect.

Refer to SYAQ net cash flow. The numbers (even after the JV partners equity contribution) if you actually add them up equal a loss of $41m however is stated as -$43m. I don't think this is entirely due to rounding actaully.

The important part of this is to refer to the previous quarter (September) cash flow chart:


In the previous quarter NAL (SYAQ) made a small loss of, oh there you go, $2m.... ($43m - $41m = $2m)


The only overall contribution to the consolidated Group in that period to increase the overall cash balance was the Sayona share issue and exercise of options equalling $36m.

The opening cash balance was $211m, SYAQ lost $2m with no mention of JV partners equity contribution in the report (either SYA or PLL), and Sayona outside of SYAQ lost approx $13m. Obviously rounding impacts the accuracy but overall then a $15m loss, take that off the $36m share issue/exercise of options (All from Sayona and it's shareholders/directors needless to say) and the group then increased total cash balance by roughly $21-22m. This is clearly then reflected in the closing cash balance of $233m (this being $22m higher than the opening balance of $211m)



So, the only contribution in the previous quarter to the consolidated group's net cash balance was from Sayona with SYAQ making a small loss, and SYAQ this quarter then lost $43m (AFTER the $17m equity contribution from both JV partners) with Sayona's consolidated cash down accordingly. So how can you say that Sayona is not the one that has paid for this? Piedmont, as @cmonaussie has stated also, will be required imo to contribute around $11m ish to SYAQ to cover the net loss these last 2 quarters.

I don't see how it can be interpreted any other way personally. It's not tit for tat or any of the nonsense that is sometimes said here and there, it's just the numbers of it imo. If the subsidiary makes a loss, all JV partners are required to provide equity to cover that loss in their respective percentages.