Ann: Application for quotation of securities - SYA, page-49

Just expanding on your post with a few of points.

1. It's is definitely unlikely that Piedmont would sell for profit any of their shares PRIOR to July 2nd and the Monitor's ' Go Ahead ' report on the final conclusions to it's SISP process - And so the SP is more likely to ' Rally ' into this date.

2. Regardless of whether Piedmont choose to sell or not , we should get our substantial change of notice next week and effectively upon any change in their Holding whatsoever going forward from there. And since we haven't seen one so far since they did the deal in January , it is even more unlikely we will see one at all.

3. Who knows that Piedmont's decision to convert the notes early wasn't actually in relation to one of the 3 reasons being that of ' Control ' . Keep in mind we have just seen the other day that Macquarie Insto has accumulated a MASSIVE 32 million PLUS position in Sayona in just 2 weeks . And need I remind you all that Macquarie has been a leading adviser in the lithium space, having recently transacted ~A$3.0 billion inlithium-related M&A as well as raising in excess of A$1.1 billion in funds for lithium companies. Remembering also that Macquarie acted as sole lead Manager in the Pilbara Minerals circa A$91.5 million raising back in September 2019 which included A$55 million from CATL as well. They also acted in the Altura $240 million Share Sale Agreement by underwriting the $121 million retail component.

So it is somewhat strange to see them potentially on-boarding Sayona's Top 20 when a.) they have never been there before ( apart from Bond Street Custodians , and b.) the timing for this on-boarding seems awfully co-incidental to everything that has transpired ' Post ' rights issue and heading into the NAL deal itself

So coming back to the ' Control ' issue in that if there were someone looking to accumulate a similar 10% stake equivalent to Piedmont's first tranche , then it may be that they would also like to impose it's own position by moving to 19.9% which comes with the appointment of ONE Piedmont Director. And how many position's do we currently have vacant ? As far as I know by the resignations is that it is currently only ONE.

So the move then also removes all potential conflict where another large stakeholder may want to instill their own Director........