Ann: DFS Confirms NAL Value With A$2.2B NPV, page-226

I think some people get confused by who owns what and what is included in this doc. Excuse the mansplaining for the long term holders; this is a DFS for NAL. NAL is owned by SAYQ. SAYQ is a JV between SYA (75%) and PLL (25%). BTW - PLL are a major shareholder of SYA too.

Also re the $1350. This has been used for LOM calculations, so to my mind covers the 50/50 split till carbonate plant up and running, and then what NAL will sell to the Carbonate Plant. I don't think NAL will be selling it to the Carbonate plant at high rates, which is why the Carbonate plant will be added to the NPV for the JV. I do think there will be a bonus windfall tho in the interim till the CO3 plant goes live.