On the basis that Sayona shareholders NEVER agreed to the increase in offtake volumes in the original one put to them at a shareholders meeting which was conveniently held BEFORE an outcome of a successful NAL bid could have been known. Therefore the offtake as it stood and which was approved by shareholders .....NOT subject to change if the NAL bid went ahead was in effect CHANGED without notice once the bid went through 2 - 3 months later. And this point is not a new one brought up and pedaled by Yika. Isn't this one of the points he has continuoulsy been banging on about. However , this point was raised by me very early on and even before he got hold of it.
And I still think that is the main issue and it is one which has clearly mislead Sayona shareholders. We did not agree to a ' what if ' offtake if NAL should be successful and all 50 % and 113,000 tons of spod. The fact of the matter is that NAL only ever produced 114,000 in reality whether it was a down market at the time or whether it was profitable or not is irrelevant . The fact is that it NEVER reached nameplate and our REVISED nameplate which has never actually proven out in reality is still very much unknown. So how then can you simply change an offtake which was in principle only for Authier at the time. And if Piednmont is now by definition of its agreement for 25% of Sayona Quebec ......where is our payment for what Authier was effectively worth at the time of purchase. And even still.....Authier spod is still very much ' undefinable ' , and to an extend ' un-accessable until it is proven ' obtainable ' ...so how is it that we've seemingly gone from what was otherwise an off-take for Authier ore ( pre-NAL known acquisition ) to an off-take now that just conveniently accounts for NAL's previously known achievable production only .....and perhaps NOT what would otherwise include Authier ore which we still don't really know if we can get in there and get it out due to its unknown approval which has been held up now for 3 years.......
Lets say we can't get it ........will the off-take change back to something lower?
And we ( Sayona's shareholders ) spent some $25 million at least in proving up the asset of Authier. And because the original investment in Sayona Quebec was for the Bid right......
Not for 25%of the accrued share of the Authier project which was on the books of Sayona Parent Company and not some new company created at the time of Piedmont's off-take and initial investment - ie being Sayona Quebec. So at best its a at least a little bit dubious and at worst outright dodgy - in my opinion of course.
Arbitration courts would have a field day on this I reckon ....and not to mention a lot of the Canadian trade practices laws and JV and minority interest laws around sovereign Canadian projects.
(20min delay)