Thanks for all your thoughts. They definitely resonate with some...

Thanks for all your thoughts. They definitely resonate with some of my thinking. To clarify re my stealth acquisition point - I was suggesting that it would be unlikely to acquire enough % by stealth without moving the SP significantly. So in my mind a placement and perhaps an SPP would be more likely.

Plus the other thing is - with your major restructure point - we have just over 2B SOI and with the commitment already made to Acuity and the free 25% issue capacity we are dancing dangerously to consolidation territory. I would certainly stipulate that they will need to consolidate before the Gov or Chinese step in. I can't see SYA preceding much further diluted as is. What with project and environmental funding requirements across 2-3 sites.

I think Nemaska is in deep trouble at the moment so I'm not sure how likely they would be to act. The Gov participation I can see. It's in their interest. CATL maybe. Huan yes for sure.

I have this pegged to about 6-9c pre consolidation if the NAL deal goes through. Beyond that it depends how aggressive they get on the multiple projects and how the timeline to revenue looks.

One thing is for sure, if they get NAL over the line then this will go into production under an accelerated schedule. No doubt in my mind. IMO