Ann: At-The-Market (ATM) Extension and Increase, page-99

??? That is a peculiar Q to ask

If Sayona chooses to complete a Capital Raise for $75m via its ATM Facility with Acuity i.e. Sayona Instructs Acuity to begin selling shares on market over a period of time (Turn on the tap) to raise $75m at whatever price and time period Sayona chooses

Why would their JV partner for a particular project need to "Kick In" $25m capital ?

You would need to know why they are raising funds ? What they intend to do with those funds ? Is it an acquisition ? Is it to advance a different project ?

Sure, If they raised $75m via the facility to contribute towards upgrades or capital as part of their JV, then PLL is required to contribute for its 1/4 Share (Doesn't mean they would need to complete a raise if they had $25m in the kitty though)

But there could be 100 reasons why Sayona might need Capital that doesn't involve spending at Quebec