Ann: Operational Review to Optimise NAL Cost Structure, page-169

PLL, as a minority partner should be discussed on Sayona's forum, especially if you look at their decision making and choices.

You are correct in that none of us knows what the content of the contract with LG or with Telsa, but what we do know is that on Sept 12 2023 the spot price of lithium SC5.5 was $2960 and at that same time Piedmont's realized selling price per ton was $1624/t.







We also know since then the spot market has fallen down to $975/t which is above the ceiling price per our OTA.

If we apply the same ratio to spot that had occurred in September that would be a selling price of $526.5/t, and a purchase price of $820/t. For the next 2 quarters that would be at a minimum a 16 million loss, and then you would need to add the 25% running costs, so add in another 24 million. That looks like 40 million loss for H1 2024 to me, and that is not counting any of the other commitments that PLL is currently juggling.