General Discussion Topics, page-118578

That financial analysis is very flawed Kevo.

You cannot take the 'no conversion DFS' and split that 50/50 down the middle for so many reasons.
- SYA pay 75% of all sustaining capex. PLL pay 25%.
- It is not in the slightest bit 50/50. PLL get 50% of the product at US$900/tonne CIF (pro-rata'd to SC6%) including delivery to North Carolina. PLL then get 25% of the remaining 50% (with Sayona getting 75% of this).
- PLL forfeit their golden goose offtake (which pays money directly into their accounts) to then rely on SYAQ distributions (which makes a big difference for their funding situation).

The numbers reflecting the economic share of NAL earnings have been run many times before. They are strongly in favour of PLL (this should be bolded and underlined). It's funny that people are complaining that PLL keep delaying the downstream conversion, but then say it's in PLL's best interests to proceed ASAP. Given how apparently according to this forum, the offtake is PLL's only valuable asset - wouldn't you think they've run these numbers many many times before?...

I'm not sure why these conversations are having to be had time and time again when the facts are very clear to anybody who has crunched the numbers.