General Discussion Topics, page-107549

I listened in on the EGM and here were my observations.

1. The room did not seem overly crowded. No pitch forks and angry mob as was projected on this forum prior to EGM.
2. Only one question was raised on renumeration and no other questions on any of the other issues.
3. When it came to Q & A, the questions were as I expected and for the most part the answers were as I would have expected.

• Why did you do the CR now? We felt we needed the ability to act quickly on opportunities that come at us. It also helps eliminate risk during ramp up, he mentioned who knew Quebec forest fires would happen.
• Why is carbonate plant so long? Most important part is the crystallizer, this takes well over a year to source, they don't just have them sitting on a shelf, someone has to build them.
• Are you having difficulty with OTA, why has it not been announced? If we wanted to sell rock only we could do that all day, we want a deal that gives shareholder value and supports value through to chemical and downstream production IN QUEBEC. Several items on the checklist were, up front cash, funding, partnerships, knowhow.
• seems to be a lot of CAPEX requirements going forward, does that mean more CR's? Brett said people don't really understand the cashflow that will come out of NAL, he called it a cash ELEPHANT, he also mentioned that government funding from Quebec, Canada and the US were all being sought and that we do qualify for all, Dougal also mentioned traditional debt financing. They did not talk about further CR, but I doubt they would even if they knew it.

Overall I would say if you felt good about Sayona and management going into the meeting you came out feeling just as good or better, if you went into the meeting feeling angry and disappointed, you likely did not change your tune.

To me Brett was as confident as ever. Again when speaking of Moblan he got that look in his eyes when you just got the best Christmas gift ever. I think they knew the CR was going to be a lot of controversy and Brett spoke candidly about it, saying that they all did not agree with it (he actually was one who did not), but the BOD as a whole thought it best and were able to come to agreement. I think it is rare to have someone like Brett share that level of detail about the inter-workings of the board.

It did sound like he said the ship will be loaded this week and we will make our July shipment as promised.

38000 tones produced which means 8,000 tons in 16 days (Canada is 1 day behind ) which puts us at a run rate of 500 tpd. the nameplate run rate is 619 so we are closing in quickly on that number, we should make October with ease. He said 120,000 tons shipped by December.

I know there was a lot of heartburn leading up to the EGM, I am hopeful that from here we can all come together, the value is there, it just needs some push to get people moving.

GLTA

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