VOTE NO AGM 2023 RESOLUTION 1-5...... NO, page-305

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arfbarf

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09/11/23

21:52

Post #: 70819802
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Originally posted by Sharejon: ↑

People love to keep saying "why doesn't SYA just hurry up and build the Carbonate Plant - it's a no brainer". The reality of the matter is that the deal with PLL really does prevent them from making this decision in isolation. Furthermore, the current production guidance of 140ktpa - 160ktpa of ~SC5.4 doesn't exactly provide the cashflow to fund the carbonate plant either, in addition to the NAL sustaining capex forecast.

I've said it countless times before and I'll say it again. NAL will never be operated optimally until the interests of PLL and SYA are aligned. SYA should have re-negotiated the Life-of-Mine offtake by offering an additional 25% equity in NAL to cease that offtake, given the current pricing environment. People will laugh at that suggestion, particularly on this forum as there are a lot of emotions. But you better believe that SYA would be in a far better place had this sort of deal been transacted 6-12 months ago. 50% of a very profitable mine (which can generate cashflow to fund a Carbonate Plant), for which SYA is actually generally receiving 50% of economic interests (as opposed to the current state, where they own 75% of the asset but their NAL economic interests are less profitable than PLL's are) would really help to set SYA up for success. A 50% economic interest, with some government support + debt + strategic equity placement (if the share price went to higher levels to reduce dilution) would position SYA in a good position to fund both the Carbonate Plant + Moblan development costs over the coming years. That's a far better position than what SYA is in now imo.

I cringed at today's announcement where it mentioned that they're searching for a new Chairman and Non-Executive Director, but no mentioning of a new CEO. That made me spew a little bit.

I voted No to all resolutions yesterday. However sold the last parcel that I'd bought at these exact levels a couple of months ago post the Brett Lynch news (so unfortunately my votes probably won't count). Honestly I'm surprised I was able to get out at breakeven levels, given what's happened since (SC6 sentiment has decreased + James Brown has done nothing seemingly + NAL production guidance decreased + no definitive plan is in place to actually replace James Brown as CEO...).

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What a load of crap.

Telling me you know nothing about how JVs work without telling me you know nothing about how JVs work. The OTA should have been forcibly unfulfilled a long time ago, as soon as KP was found to be acting in bad faith.

I pray for a CEO who will refuse to negotiate from a position of weakness. It would be so awesome if we could get a CEO like Ken Brinsden who would cut KP's balls off without the slightest hesitation.

For right now, we have a fat cream puff of a CEO that needs to be told off.

SYA Price at posting: 8.7¢ Sentiment: Hold Disclosure: Held
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VOTE NO AGM 2023 RESOLUTION 1-5...... NO, page-305

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VOTE NO AGM 2023 RESOLUTION 1-5...... NO, page-305

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