Ann: DFS Confirms NAL Value With A$2.2B NPV, page-351

@mondyinvest This is from the announcement around the time of the court approval of NAL acquisition - Its evident the government's desires have been made clear since the inception of this arrangement. The assumption that the private interests of PLL will trump the governments wishes, especially when it is highly probable they had a hand in swaying the bid for NAL in a domestic companies favour, seems a little unlikely wouldn't you say? To take it a step further, if you've familiarised yourself with the underlying motives for ESG compliance and how that ties into resource acquisition on a global scale - it seems even more unlikely that the governments desires dont have a strong presence in this project.

So I would disagree that it is a huge assumption for the JV to go downstream as it has been a factor since the beginning - which to me indicates there was discussion of these terms prior.



In regard to the 50/50 split I agree there has been no explicit confirmation as of yet, but it has been implied through monthly return figures in a recent presentation that the revenue reflects half the product being sold somewhere around market prices. On this point we will find out shortly as the other OT is announced.

In the event it plays out as an initial 50/50 split or ramp to nameplate by EOY, would you still hold the same sentiment on SYA being in financial distress off the back of this?

The post over on PLL claims they will likely receive more product ONTOP of reduced pricing, which is a bit far-fetched - its likely going to be one or the other; bit of a bias post but I can't blame them we all have our investment biases.

Again, I appreciate you being the only person to raise reasonable counter points in this thread, however these are all talking points which have been raised many times over. Do you have any new deductions or specific numbers from the DFS which have made you go "oh shit"?

For example, I seen a guy on twitter yesterday saying an 8% discount rate applied to a resource DFS is bad? In my experience that is consistent with peers in the Lithium sector. Cheers