Opening Tomorrow, page-41

SYA is not directly comparable due to a life-of-mine offtake rather than off-takes with 2year startup T&C's.

SYA have a 75% interest in a project with a life of mine offtake with a $900/t ceiling for 113kt and they can't achieve SC6 specification at intended volumes. Short-term they are producing below grade product with half being sold at low margin. Longer term they expect to hit or be close to SC6 but at lower volumes. At future volumes of 180kt SC6 equivalent, they are a 67kt in excess of the offtake production (50kt at 75% interest). The remaining 85kt business is locked in low margin (both after reflecting only 75% ownership). Shareholders have kinda hoped this problem would go away but it hasn't.

Yes, SYA may be able to jointly agree with PLL to divert ore to a jointly owned Carbonate/Hydroxide plant but that deal and its other T&C's hasn't been confirmed and may not be on T&C's SYA likes. IMO limited carbonate/Hydroxide upside should be added until the deal and its T&C's are confirmed along with how its funded. SYA does have some good exploration assets in Canada but how do you value those with the endless delays in Canadian permitting?

If BP33 is operational inclusive of flotation to improve recoveries, Core's sales from it at market type rates could be 4 to 5x that of SYA's market Spod sales. Despite the recent falls in SYA's share price its still got a higher MC than Core.