General Discussion Topics, page-134908

I think the problem is some who got in back in 2020 may have had a decent run up in share price at 30c+ and were happy, sold a chuck and made some profit and continue to hold.

Those including myself who got in at 27c with the investor presentations being shaped to look as though 50c+ was on the cards with everything management had planned are the ones that are pissed off at the board.

So you have discrepancy between return in current shareholders. This makes it difficult to have a universal take on current BoD.

Since the AGM in Nov last year we havent had an improvement in regards to communication. It was clearly at this point not heard loudly and clearly enough.

I look at it as a "it was too good to be true" moment. In that they had so many balls being juggled on the presentations back then with most of them now being on the floor and not maintained through to a cheer from the shareholders.

Our interim CEO has been in for over 6 months. How long exactly are shareholders expected to wait for this change to be made? My assumption is unless they are relatable and see eye to eye with the current mob we are not likely to see anyone get a sniff. An this comes back again to lack of independence in this board. Loui himself pointed out larger holders whom I assume they spoke to at said AGM pointed it out as under current management it made SYA un-investable.

The fact we have Bod members who not only sit on SYA board but are also on our remuneration committee should be a glaringly obvious issue. A big red flag, a giant blue thumb. They set their own wages per a non-independent committee to establish their rate of pay. An yes..... they supposedly hire an independent 3rd party who assesses the integrity of the remuneration. I have heard it all before. That "independent" 3rd party happens to be paid by who? SYA BoD for their service. So conflict of interest in terms of if these guys arent happy with my sign off I lose this job/contract......

Add to this past relations between them in other entities and tie ins with related companies and its simply a dogs breakfast of a board that we have.

The only reason I havent sold out is in the hope that our majority retail holding see this and we get a 2nd strike of no confidence the next meeting to discuss remuneration. This will lead hopefully to a complete board spill and reimplementation of new BoD. The share price has been in a decline since April 2022. So going on nearly 2 years now. The directors topped up on more pay, with some arguing it was "necessary" to attract new members. Where exactly are the outstanding new members we have appointed?

The biggest issue for me is our BoD. Not our assets, not our operations manager under SYQ.

Until we get an independent BoD without tie ins with KP "praying" he can be the one to organise our JV share of OTA and at the same time under the OTA point have a good standing with SYA in terms of not progressing carbonate..... It should spell it out to you as a shareholder really.

An people can say all they want be careful what you wish for. But for those of us that have invested anytime in the last 2 years, its not exactly going to trigger anything new if further losses ensue as that already appears to be the likely outcome trajectory at present.

I was watching a Rock Stock Channel video today and Benchmark Minerals suggests no significant price improvements in Spod above $1000USD/t for the foreseeable future per their analyst. How, exactly will SYA de-shackle itself from the 50% PLL entitlement into the future at those prices? It will simply be operating the mine to pay the bills, possibly do some more drilling. But no further process on decoupling.

The big event of PLL selling all its shareholding in SYA should have been a MASSIVE wake up call to management that PLL is looking out for PLL and not SYA. Its happy via shareholding to effectively continue milking us dry into the future while sticking a knife in our back. Yet we are buddy buddies still..... go figure.

The bigger issue myself and many other holders already pointed out a while ago is a pretty basic concept of "no skills, no results" and this was in terms of our ability to go downstream at any point in the future. Before the steep price decline in Spod and lithium chemicals I made a simple statement:

However, exactly will we go down stream when no one at SYA has any idea how to fit out and test run a carb plant?

This can now of course be pushed to the wayside as we simply struggle with NAL operational costs and revenue until prices change.

The only other option was then a merger or big party by out. An as you said yourself, they started spruking offtake agreement pending, neearly finalised etc... Only to see zipadeedoodar, none, nothing, zilch.

Oh and what about our reduction in nameplate.... almost the icing on the cake.

So lets assess all this again shall we:

BoD - not independent from remuneration committee, not independent in terms of decisions around 1MC (JB) and SYQ KP should not get a hoot in regarding trade off studies when he has a conflict of interest between SYQ and PLL. Therefore carbonate and NOT lithium hydro like KP wants!
BoD - failed governance & corporate responsibility to SH holders.
BoD - failed to secure any reasonable offtake partner though stated time and time again in presentations (manipulating investors)
BoD - failed to achieve nameplate tonnage at NAL
BoD - failed to improve on communication to shareholders since AGM. Have since removed Guy after the AGM when he was one of only 2/3 people to actually communicate with SHs via social media.
BoD - failed to have any idea of a JV party - PLL selling down its entire stock and is still happy to be buddy buddies.
BoD - tentative failure of SYA to Canadian government in not moving into downstream processing with no likely large sum of money to afford carbonate plant rebuild before set contract dates.
BoD - has openly admitted they would prefer less retail holders....

But alas we have one big success:

BoD - happy to top up remuneration on all of the above failings.



This stock is destined for an eventual de-list from ASX and likely liquidation unless we can offload the BoD soon. Happy to hold it in the bottom draw in the hopes one day it makes a remarkable turn around. But wont hold my breath.

All IMO.