That differs significantly from my interpretation.
Sayona Group cash at the end of September was $233m. This included SYA's own cash resources and 100% of the SYQ JV's cash balance. We now know that SYQ had a cash reduction of $43m during the quarter. Lets assume SYQ had a cash balance of only $10m at the end of December. SYQ's cash balance reduced by $43m during the period, net of contributions from the JV partners (note the "s" as that's important). If SYQ's cash balance reduced by this amount it means it was $53m at the end of September.
Sayona Group's $233m balance at the end of September would therefore have been comprised of $180m of its own cash resources and $53m of SYQ cash balances that were fully consolidated. Previous contributions to SYQ resulted in it having a strong September balance.
During the quarter the JV partners put in about $16.6m. This would have required $12.45m from SYA and $4.15m from PLL. The $16.6m would round up to $17m. The $12.45m would round down to $12m, both of which are shown on the slide below.
PLL Price at posting:
24.0¢ Sentiment: Buy Disclosure: Held
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