Ann: Board of Director Changes, page-490

For the offtake to be re-directed to downstream refining, both SYA and PLL have to agree. If you think PLL will simply agree without a form of JV renegotiation, I think you'll be in for a surprise. I'd encourage you to crunch the numbers on what profit they'll make in:
Scenario 1) where they sell 113ktpa of Spod after purchasing it at US$900/tonne (adjusted for grade)
Scenario 2) where they invest in 25% of the downstream refining Capex to receive 25% of the p
operational profit.

Hint, Scenario 1 >> Scenario 2 in this high lithium price environment.

Further, if the refining capacity requires 200ktpa of Spodumene, and the NAL production expands to 313ktpa (theoretically), who gets that 113ktpa of production. PLL does. A lot of people are living in fantasy land here.