Ann: Board of Director Changes, page-509

The overriding requirement is downstream processing by SYAQ- this is enshrined in the agreement and commitment with the Canadian government. The JV is secondary and then the commercial OTA a third party commercial agreement . Unless, I'm mistaken the agreement with the government will take precedence before the PLL OTA agreement. have we any legal eagles her to confirm my interpretation? PLL obviously signed the commitment to the Canadian government as part of SYAQ JV. You cannot simply pick and choose the best bits of a JV in pursuit of optimising commercial terms. There maybe people here trying to portray that, but I don't think it works like that. Fundamentally the JV has a commitment to honour the agreement with the Canadian government otherwise it is null and void and the JV would cease to exist as it is the collective entity for ensuring that commitment is delivered. So either the JV is dead or SYAQ have got concessions from Canadian government not to honour downstream (highly unlikely). SYAQ is perfectly entitled to finance downstream processing, and then pass on benefits prorata (less sunk costs) to PLL. This ensures the overriding commitment is honoured. PLL can then legally appeal the actions of SYAQ if there is an issue, but probably not be successful as JV is sticking to deadlines and enshrined commitments. Thats my take on it, I could be wrong