Ann: Corporate Update, page-17

First i thought OMG an announcement....usually it would be radio silence...so better late than never...

But that last paragraph.......as you said....That's what I picked up on.

Sayona recently announced that it is undertaking an operational review to reduce costs, enhance
productivity at NAL and improve its ability to continue to produce lithium throughout the market
cycle. Sayona expects to complete the review by the end of the first quarter of calendar 2024.

Hopefully they are trying to tell us we will NOT go into C&M and are pursuing economic competitiveness.