Ann: December 2023 Quarterly Report Advisory, page-63

I suppose you can tell how committed the Government of Quebec is to establish the battery mineral supply chain in Quebec by the stakes they have taken in companies involved.

Government agency Investissement Quebec has a 50% stake in Nemaska (now owned by Arcadium) for their Whabouchi Mine and lithium hydroxide refinery at Becancour, (under construction).

SOQUEM (a subsidiary of Investissement Quebec) has a 40% stake in Sayona’s highly prospective Moblan claim, (around Moblan SYA owns or has a stakes in claims that are world standard in size and quality.

The Government of Quebec has a lot to lose if the only lithium mine in the province stops producing.

It is the lifeblood for all of the other projects that Sayona is developing.

Recent drilling has revealed that NAL has a lot more higher quality resources there than was once thought.

The CEO spoke recently about the slab of ore that sits directly under where they have been digging at the pit.

Surrounding NAL are other claims that are either owned by SYQ or that they have a stake in.

Sayona’s biggest worry is that a cashed up lithium giant will come along and swallow them whole before they get a chance to develop the hubs they are trying to establish.