Ann: Corporate Update, page-16

IMO, the announcement leads reiterates my belief that they will continue to produce thru the market cycle and Piedmont would have to continue to take their share of lithium. Piedmont may have to take and sell the lithium at these depressed levels at their agreed upon offtake arrangements with their partners (which they renegotiated not too long ago). This would require both payment for operations on a percentage basis of JV ownership and payment for the lithium.

It's always good to be the majority partner in these JV arrangements. The interests may be momentarily conflicted with Piedmont during this market condition, but the adverse effect of stopping production and then restarting in the future may be a bigger hurdle and burden for Piedmont in the future.

The downstream processing arrangements that may be developing will contribute to the success of NAL, for Sayona and Piedmont and future partners.