Ann: Application for quotation of securities - SYA, page-15

I can't see how referring to ' Dilution ' as being even a remotely material consideration when the ' Valuation ' has been clearly and significantly outstripping the issuance of shares.

If we put it all in perspective in round numbers based on the number of shares on issue published in the last Annual Report and as reported at 1st September 2020. , we would find that the Shares on issue now have increased approximately 103% ( or about Double at a multiple of X's two ).

At the same time , we would also find that the ' Valuation ' of those shares on issue at that time as expressed in Market Capitalization terms was around 25 million at that time..

So it only flows then that as expressed in a ' Quotient ' of Market Cap over number of shares on issues that we would find that as at today , the Market Cap of Sayona Mining would have increased some 29 times versus only a Doubling in total shares on issue.

Put another way , for each dollar you had invested had you been invested back in September 2020 and in only 1 year would be worth $29 dollars verses what you would have had ' depreciated ' in holding value of every dollar had you NOT participated at all in any of the subsequent capital raising's - which would be 50 cents or a halving of your investment dollar. However that would still have resulted in a return of 14.5 times for every 50 cents in valuation you held in the Company since then , and would still have $14.50 from what would have been you original $1 of original invested capital.

So even if you're arguing that you only just bought now at 10 , 11 ,12 , or 14 cents and you know there is NOT likely to be a significant raising in the near future......or even if there was a 10% further key stakeholder raising , if you expect the stock to ' Double ' , ' Triple ' , or even ' Quadruple ' on the valuation case which should more or less be well understood by now , that's still a potential 100% ,200% or 300% return through to 48 cents off what is really only a ' Guesstimated ' or forecast 10% further dilution off the investment you only just made today.

So if we translate those sorts of possibilities of returns over the next 12 to 24 months , that still a minimum of 50% to 200% return year on year on your money invested now should the stock price ultimately reach 48 cents. If it only gets to 36 cents , it's still 37.5% - 150% return off 12 cents , and 25% - 100% return should it only get to 24 cents in 2 years off a 12 cent entry.

So for those who have owned the stock since last September , it's pretty hard to argue a case for ' Dilution ' of your invested dollar when the stock valuation has increased some 29 times.

On the flip side , if you didn't BUY this stock at .007 - .009 cents last year , you can't change the fact that you will not have participated in the 29 times increase in the value of your Invested Dollars. But at the same time , you can't really argue a case for dilution either since your base starting point is NOW , and the likelihood of further dilution from here is minimal as against the GROWTH which is potentially exceptional as well as ' Exponential '

So obviously I can only speak for myself , and as I have stated several times , I don't see a strong case for whinging about dilution when the STOCK to put it in ' Dividend Paying ' parlance has clearly already gone ' Ex Exploration ' and is now more in a phase which is ' Cumm Growth ' .

So the GROWTH is going to far outstrip and dilution concerns from this point forward. That has been my opinion all along , and will continue to be my opinion based on ALL my previous research as well as what I have been doing currently.

Best of success to whatever you personally decide.