At the end of the day, I assume it's about who will pays the most.
I'm not an expert with M&As, but I reckon there would be a component of upfront capital to satisfy their larger debt and creditor obligations, and maybe another comittement of repaying the rest over a longer time horizon as the asset develops into a profitable mine. Given some of the debt is owned to governement, they may prefer someone who can create ongoing, local employment.
Looks like NAL owe about $200m CAD, which either SYA or EMC need to address in their bid, plus additional investment to enable production of carbonate to increase profit margins further (I believe NAL only processed spodumene). I don't have any estimates of that part handy, but I think I've seen $50m mentioned somewhere (could be totally wrong).
https://insolvencyinsider.ca/filing/north-american-lithium/
https://www.raymondchabot.com/fr/entreprises/dossiers-publics/north-american-lithium-inc/
Bid War : Evolution Metals (EMC) vs Sayona Mining (SYA), page-2
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