Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-169

As it turns out and as the Great Man and Australian Homicide Detective Ron Iddles would say - " The answer is ALWAYS in the file " -

Because it would seem that my post from 6th Sept ( below ) which was issued at virtually the exact time the Sayona put out its ' First Shipment Boosts NAL revenues ' announcement on 6th September was 96% correct as against your figures presented in your post. And so that would be approximately ONLY A$124 per tonne or only A$5.978 million out across the entire tonnage invoiced for the Quarter.

And we arrive at that based on your premise that roughly 58% of the total sales tonnage was at US$810 ( @ US exch .645 = A$1,256 per tonne ) with the remaining 42% having to be by definition charge at an equivalent A$2,992 ( or @US exch .645 = US$ 1,929 - $1,930 per tonne )

And I guess that's pretty close considering most everyone else was touring figures of USD$ 3,300 and above for that sale. So definitely looks as though the commodities broker was well looked after when you compare this to what the spot price was at that time......

And I also know who it was and why they chose them now too.....

But what's interesting in ALL of this review of calculations is that what it means then is that if we knew we received A$52.907 million from our 90% received in late August , then the 10% remaining of A$5.879 million , if received in the September Qtr would have to mean that the A$37.214 million difference in the total revenue charged out of A$96 million ($96m - $58.786m = A$37.214M) would have to have been charged at the Piedmont JV offtake rate of at $1,342.97(A$1,343).

So to arrive at this A$1,343 you simply divide the A$37.214 million difference in revenue by the assumed Piedmont tonnage sold being the difference of the total dmt tonnage sold of 48,211 less the tonnage sold outside of the offtake terms of 20,500 to get 27,711 dmt to Piedmont and a calc of A$37.214m / 27,711=A$1,343 per tonne.

Of course if the 10% or A$5.879 was still outstanding after 30th September , the calculation would be the A$96m in revenue LESS A$52.907 for non offtake FIRST sales equaling $43.093 which would then be divided by the 27,711 offtake dmt sales tonnages to arrive at A$1,555 per dmt sales.

Whats then interesting about these TWO different timing assumptions is that they BOTH assert that Piedmonts share of costs are being ' Contra'd ' off against the sales - ie whatever they owe is being added to the assume USD$810 or A$1,266 at an average assumed exchange rate of .64 cents AUD to USD.

So in the case of the A$1,343 , Sayona is adding a figure of A$77 for Piedmonts share , or $2,133747 ( 27,711 x A$77 ) , and at A$1,555 per tonne, a figure of A$212 per tonne for a total Piedmont and a total CONTRA of A$5,874,732 .

So take your pick I guess , but I'm inclined based on the $21 million difference between sales and receipts that the 10% remaining balance from the FIRST sales is still outstanding at 30th September and that approximately A$5,874,732 of the remaining A$15.121million still owing is relating to Piedmonts share of costs with the difference then virtually being comprised of virtually ALL Sayona's 75% of the Piedmont's offtake sales.

So the good news from that scenario is that ALL of the outstanding $21 million as it should be is accounted in Sayona's books as Sayona's share. Therefore we have invoiced this full amount of A$96 m in revenue which includes a Piedmont ' Contra ' of $5.875 million.

And I guess when you then consider that Piedmont's theoretical share of the A$75 million in receipts would be A$18.75 million PLUS the A$5.875 million totaling A$24.62 which would represent very closely with its 25% of the A$96 million of total revenue and only out by a figure of A$2.48 million.

So then I am reasonably happy with the notion that by definition , the NO TRANSFERS by either JV partner in the quarter means that Piedmont despite Sayona apparently waiting on a further A$5.875 million , that Piedmont has discharged its JV obligations by effectively paying A$24.62 million of the quarter's cost WITHOUT the requirement for a transfer , and thereby leaving Sayona with a further A$21 million to receive outright into its coffers before the

cost meter even starts up again for the December Qtr.

So this in itself is an interesting relationship now with the cost verses the sales components of the JV whereby Piedmont's 25% share of revenues is almost exactly offset by its 25% share of cost...., and almost in a sense being FREE carried from an operating and current operating capex state that we are currently in. Of course this will change a ramped output increases , and as concentrate prices ebb and flow ( hopefully more stable at current levels ) .