Out of all the projects that either company owns, only NAL is...

Out of all the projects that either company owns, only NAL is producing revenue.

Has it suddenly become more attractive to a potential buyer?

I would say it has.

Would SYA and PLL sell it?

I doubt it very much, (particularly PLL whose future plans depend on the income from NAL to fund them).

Is SYA as dependent on NAL revenue to fund it’s future plans?

While it would make things a easier, I would argue that it is not critical.

Would the joint venture parties agree to sell it?

I doubt it very much.

Now that it appears that NAL is in a very good position to generate income, would a potential buyer be considering how to acquire it?

I would be surprised if they were’nt.

The problem they would have, is that NAL is not for sale and is unlikely to be so in the foreseeable future.

Therefore an interested party would need to try something different if they wanted to acquire NAL

As far as I can tell, that only leaves one option.

That would be to take over SYA and PLL, lock stock and barrel.

The combined market caps of both companies is less than $AUD1 billion.

Would a potential buyer want all of the assets that both companies own?

Probably not, but they could hang on to the ones they want and sell the rest.

I think there are multinational mining companies out there that would be considering this.

The review will have made things more clear for them in considering how much it would cost and how much value it would add to their own company.