Ann: FY2024 Results Presentation, page-2

I continue to be impressed by Lucas Dow: strikes me as a methodical problem solver, highly competent and highly focused. No guarantees of course that he can right the ship at Sayona and steer it through the inclement times but I reckon if anyone can do it, LD can.

Once again, in this results presentation, he impressed me with his eyes-on-the-process approach. No outrageous promising but not defeatist either.

https://www.you tube.com/watch?v=iiFp2tLmGBg .................................................. (remove the space between "you" and "tube" to get the link to work)

Having said that I thought LD also provided great insight into what he sees as the way forward for Sayona - if you like, how NAL product goes from the mine-site to the processing hubs at Becancour. I think he argued pretty much the same line that Ken Brinsden of Patriot has also recently argued: that strategically, the profits to be made in the lithium supply chain will be by upstream mining companies rather than downstream chemicals processors and manufacturers. LD pointed out that ex-China downstream processors remain at a disadvantage both in terms of capex and technology (and he gave as an example the difficulties the WA hydroxide operators have faced). I thought LD in this presentation pretty much underlined that Sayona intends to stick to its knitting, which is exploring and mining at both NAL and at Moblan, and will leave the downstream part of the supply chain to chemicals specialists.

I think the chart below, from the presentation deck LD used, reinforces what both LD and Ken Brinsden have been arguing: the bulk of the profits in the lithium supply chain will likely continue to go to the upstream operators (in WA and Quebec).