MEETING WITH BRETT, CEO MD SAYONA MINING, page-66

With all due respect, your post is way off base.

First, there is absolutely no evidence of any financial shenanigan or misappropriation on the part of Sayona. In fact, the majority of the BOD have experienced what it is like to go bankrupt (Altura) and this is in fact a big reason I initially invested in Sayona because there is nothing like a bankruptcy to truly humble one and keep expectations firmly in check. In fact this BOD has been overtly cautious with its financial projections, using rock-bottom figures.

If we were in dire straits, we'd have made a sizable dent in our $90m cash reserve, the $55m FTS, or tapped our $200m ATM, but we've barely touched those.

Is more and more money going out? Of course- that's what you get with a company that is growing by leaps and bounds.

Two things to point out in Loui's post about the CR, and both very good and salient facts. The first was that Sayona did take a look at credit and other arrangements, but at this point with interest rates being sky-high, it would have been a double-edge sword. The CR maintains our fluidity without strings or conditions attached.

Second is BL's analogy that, strategy-wise, they'd hook a Barra, but then a Marlin comes along. In other words they want to be ready if a big opportunity falls into their laps, or perhaps one has already. We are really flush with cash right now so we are more than capable of making a left-field move.

Before you think about comparing Patriots/Winsome with SYA, understand that 100% of their CAPEX still lies ahead of them, and in the case of PMT, they have NOTHING at this point, not even a resource estimate (due end of June) and they are 15km from the nearest infrastructure, with no rail anywhere nearby. When they start doing CR's, the SP is going to come crashing right back down.

Did we overpay for Moblan? That depends on your perception. We ended up with a large amount of Troilus property as a result. Was that by accident? I don't think so.

And also the government will have to pay for 40% of the concentrators we build there.That alone is a sizable savings. PMET and Winsome aren't in the same position.