Ann: Exploration Boost for Pilbara Lithium Assets, page-42

Strictly from a revenue standpoint we could compare

PLS =

1. Spod production
2. 281,000 * $900 = $252,000,000

SYA

1. Spod poduction
2. 250,000 * $900 = $225,000,000

SYA

1. Hydroxide Production from test plant
2. 2000 * $18,000 = $36,000,000

Sayona would end up producing better renue by using the hydroxide pilot plant combined with less spod production

PLS = $252m
SYA = $261m

Depending on which way Sayona goes they could be producing up to 23,000 tones of carbonate (as we discussed earlier) which would blow PLS out of the water on Revenue.

I think I will amend your quote of "Its all about the tonnage" to be "Its all about the tonnage, and your refining capabilities". Once we start refining, and producing Carbonate or hydroxide it turns into a money making machine.