I will take you at your word that this conversation actually...

I will take you at your word that this conversation actually took place. All I can say is it is extremely concerning.

It would appear BL had a short term OTA ready to go but the BOD didn't like that there was no downstream component... that they wanted something much more long term. It is my understanding that for any SC not converted by the JV, the PLL OTA takes precedence.

The interpretation of your remarks that I take is that the SYA BOD is not comfortable going downstream organically and want a partner to help. How this would play out with the existing JV structure, I don't know. Was the SYA BOD hoping to hook a partner by providing a few years of offtake SC and then have them buy in to a SYQ conversion subsidiary? Or would the type of offtaker SYA's BOD wanted be coming on, potentially take half of NAL as operator leaving SYA with a 32.5% stake?

That opens up a whole range of possibilities about BL's departure. Was his vision of SYA operating downstream completely at odds with the SYA BOD? Is this the real reason that the timeframe to go downstream is so significant- the SYA BOD don't know how and are looking for a JV partner to do it for them?

Worst case the SYA BOD has no genuine intentions of ever going downstream itself and having 50% of SC production go to a new subsidiary partner while maintaining the PLL offtake permanently. That would severely limit the existing JV partner's value add from going downstream.

Very concerning if the details of your interaction are true and does not inspire any confidence in SYA's ability to be the operating partner of SYQ.

Wow. That is truly damning information. Totally at odds with what SYA has presented to the market as their intentions for NAL.