My thoughts on today's announcements:I've never been a big BL...

My thoughts on today's announcements:

• I've never been a big BL fan. He's very blue sky for my liking. Even mentioning 100kt LCE at the Northern Hub at a previous EGM was beyond laughable. I mentioned this at the time, but the unbelievable amount of capital to get anything near that refining capacity off the ground, which for context would be no less than AU$4billion, meant those statements were beyond laughable, particularly given the 2030 target timeframe.
• I'm not judging BL for his departure. He very well could have been pushed out, or he might be suffering from family tragedy or mental health issues. I always hated the 10m share issuance (particularly for Crawford), but leaving that in the past, I've got no judgement on him for his departure as I don't know the details.
• I think there's a fair chance that BL has been very unrealistic about the offtake agreement. With a relative low amount of SYAQ unallocated supply, I'd be surprised if there's some magic silver bullet offtake that is with a Tier 1 partner, at market prices, and they're happy to help finance future development. I don't believe there should be an issue reaching an offtake agreement that simply sells Spodumene to an OEM using Fastmarkets or Benchmark Mineral Intelligence pricing metrics.
• For those expecting takeover offers, personally I'm not getting any hopes up. With PLL's offtake crippling the value of NAL, and there being far too many unknowns regarding what that downstream project might look like (noting that it requires both SYA and PLL to agree), I can't see other companies wanting to take on that risk. I think the best chance for a company level corporate transaction is a PLL merger, for which I've always been an advocate for.
• Moblan would have pretty good value (not nearly as much as SYA's stake of NAL, even considering the PLL offtake). However you can absolutely forget those numbers that Split was implying by comparing LTR's Kathleen Valley project (which is halfway through construction and commencing operations by mid next year) and Patriot's Corvette project. That comparison was flawed.
• While I've never liked the management of the company, I've been a buyer at today's prices. I'm very surprised at how harshly the market is reacting to this news, noting the clear tangible value that NAL and Moblan have, and SYA's strong balance sheet.