General Discussion Topics, page-143075

From reading the FY results document (p. 17), they are basically making a big argument about not going downstream. So for at least FY25, nothing is going to happen with the carbonate plant so we can rule out any funding or collaboration for that. The old decrepit BOD is too scared to make a bold move to go downstream. As you have said many times, it's not necessary to fully go downstream, a midstream refinement could be enough, or even just a small self-contained refinery or module like those made by POSCO. Let's say 20k or 25ktpa.

But these options are not even being explored.

So what other options remain? Government funding? I am not holding my breath over that. A new offtake for Sayona's portion of the NAL spod? No confidence there either.

So what does that leave Sayona? They have to have a good sized cash infusion to get through FY25, period. No what, ifs, or buts, and especially no praying for a price recovery. NAL is going to incur a minimum of another $20m in capex for FY25, and SYAQ must also burn through an additional $30m in exploratory costs, using the rest of the money raised through the FTS which must be used up by EOY) and that's on top of selling spod at a loss.

So what does that leave? Basically, IMO, Moblan. Now that the DFS is finished and the MRE is updated, there is no reason to delay on inking an OTA for Moblan, or partnering with someone to develop Moblan.