Ann: FY2024 Results Presentation, page-3

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.

Very much looking that way and carries on an earlier change in emphasis at Moblan to becoming a suppllier of spod not a refiner. In the end spod refiners and spod producers both need each other, one produces a higher volume at a lower price and the other a lower volume at a higher price and at various times one will perform better than the other. But refining carries by far the biggest risk and capital intensity. Always nice to have it both ways but if it meant a reduction in working interest or other forms of dilution to achieve there may not be any advantage.

If the SYA JV went down the Spoumene supplier only route it would require a change in the JV arrangement barring a merger IMO.
One thing for certain Moblan is years and large capex away from any spod revenue and NAL is years and large capex away from any refining by whoever and wherever but our concentrator is paid for and through its ramp up now not years away, so why wouldn't you focus on getting the maximum out of it first.

Some would say it's not what we signed up for but there was never a guarantee on how things pan out and survival is paramount.

Cheers Whisky