Bankruptcy negative Cashflow, page-203

Sorry for taking so long to respond.

The best hope SYA has of surviving is to cut down the cost of production by a good margin, hopefully another $200/ton. On paper SYA's COH went down by $8m, but that "minor" loss doesn't paint a full picture of our real cash burn for the quarter if two other things did not happen this previous quarter. Also Sayona's COH is not $92m because FTS money can't be spent on anything else than drilling.

Nobody should count on the price of lithium or spod rebounding anytime soon. The "nearing the bottom" or "destocking" nonsense has gone on long enough. Almost all lithium analyses or narratives refuse to acknowledge chinese manipulation so listening to them is useless.