Ann: Change in substantial holding from PLL, page-10

No Way they could have ' executed ' ALL those 186,978,295 on just Easter Thursday alone. Would have had to be a few of those days which pushed the SP from around 30.5 upto 34 - 35.5 cents. Or perhaps it could have just been more of the same ' sloppy ' administration and compliance by Piedmont who should have reported the change much earlier than today. And that point I guess would always up for conjecture I would think

But lets stay with the fact that it was the days ensuing into the ' Long Weekend ' Easter Break and including Easter Thursday. Who does such a thing , and takes on the risk of a protracted Market closure .....unless they know something is imminent and wanted to specifically maintain their previous 16 - 17 % holding in the parent Sayona Mining.

And if the dates are correct with their stated change - they would have had to acquire these shares ' On market ' And a further observation supporting this would be the fact that the current notice does NOT state that the change is from ' Dilution ' which it normally would.

So yes they have been diluted , but have then decided to ' Top Up ' their holdings to maintain their percentage holding balance. Their contract with Sayona does have a ' non dilutionary ' clause , however they did NOT exercise this in the Moblan raise , and it does not apply for general ' pre-agreed ' arrangements and issue of shares to other ' Third ' parties at separate agreed pricing. So they had to then have bought these on Market.

So again - What would they have known or suspect to have known to prompt them to BUY this amount of shares at prices of what looks to be anywhere from 30.5 cent up to 37 cents ....and which just so happens to be ahead of Market Sensitive pricing news coming from Quebec with respects to potential funding and the revised ' Dual Project ' DFS. Then you also have his KP's reference to the ' Carbonate ' PFS which he eluded to was also being worked on over the next month or so.

Obviously they are extremely happy to have picked up t least some of these shares at ' Market Prices ' on around the date declared of Thursday 14th April and prior to the Easter Long Weekend.

That's my read on it anyway.

Operation is booked for 18th May so will be busy getting some things done ahead of this. Thanks to all for their well wishes.