General Discussion Topics, page-144045

This is the transcript for that particular slide

"When we invested in ore and salt lakes, the first chasm had just passed, and we purchased them when the price of ore and salt lakes was competitive. Now we are at the second chasm, we must utilize the second chasm period as an opportunity and we will actively take part in businesses to secure quality resources.

First, for ores, we have already entered into a partnership for the first part with Pilbara Minerals and plan to further expand the foundation for the partnership for the second part, and we will also invest in new ore resources with high economic feasibility in Canada.

Recently, we are being contacted for additional opportunities to secure lithium ores in African and South America.

We already have a big picture all the way up to the phase 3 of the Argentinian salt lake for lithium brine, so we are going to proceed with the phase 3 extension, and we are already working on the acquisition of salt lakes in Chile, such as Maricunga and Altoandinos.

There is the DLE technology among all the technologies we have, and part of this technology enables us to extract lithium from Geothermal brine ,so we are going to secure new lithium resources in North America."


While it might be great if POSCO does become a partner with SYA (or even acquires SYA or a stake in SYQ and/or Moblan at the asset level - be careful what you wish for with bottome of the cycle (?) transactions), SYA is not the only game in town.

POSCO is ~US$22.5B Mcap (NYSEKX). SYA is ~US$0.2B ... a definite whale/minnow partnership.

An alternative is ALTM at $3B, which besides attractive Canadian assets also has Brine and DLE knowledge (something SYA does not) which appears important to PKX. While PKX did note it was "new ore resources" you can't escape the fact that PKX wants to supply CAM and so "lithium salts" is the greater attraction ... which puts their Quebec hub (Nemaska + Galaxy) firmly out there as an option, especially given the commentary from ALTM investor day.