Ann: MD Update -Sayona Backs Quebec Plans to Boost Lithium Sector, page-20

One note from the monitors documents.

https://media.cdn.raymondchabot.com/app/uploads/2019/05/motion-for-an-order-extending-the-stay-period_2020_03_10.pdf

13e

So it appears that the Creditors (IQ and CATL) will likely give feedback to the monitor on any bids by April 10th, which is "Good Friday" and Easter weekend.

At this point I think Sayona would be either accepted as a realistic choice and continue through to the May 15th date where an ultimate choice would be made OR we will be released from the bid pool and returned our deposit (estimated at 4.5M to 5M.

If we are returned our deposit the cash + whatever is raised in the CR would take us through to the BAPE decision. If we continue on to the "Finals" cash would be more difficult but optimism would be high and investors would have an additional 12 days to decide on whether or not to participate in the CR.

In the current environment the monitor, IQ, and CATL are not in as strong of a position to keep delaying. Remember each delay has to be funded, so far IQ has pumped an amazing $8M into a company that can't pay them back.