Ann: Investor Presentation, page-40

The way I'm reading it at the moment and it's just my interpretation... is that if China slows down production of EV's then there will be less demand and excess supply of Li. This would force producers like SYA to further discount sale prices until another country like the US or region like the EU is ready to buy the stock produced. This could be some years away as a lot of the car manufacturers have slowed down their EV expansion plans.

We have a situation where Rivian has just filed for bankruptcy in the US this week so manufacturers there are struggling to make a profit and stay afloat. We can't be ignorant of the fact that the EV transition has lost a bit of momentum this year with rising cost of living. Hopefully the reserve banks around the world start decreasing interest rates soon otherwise demand will remain subdued. Also lower interest rates has a direct positive corelation for miners as it allows for cheaper funding for exploration and expansion.

On a last point point... the timing of Paul Crawford's recent sale of shares would be interesting if SYA was to do a CR in the near future. The BOD have a history of questionable timing in the past.

All IMO and not advice.