Ann: PLL: Piedmont and Sayona Complete Acquisition of NAL, page-25

I have been trying to decode this ann myself. What you have suggested makes sense and is most likely the reason. My best guess is that while they are getting the spodumene conversion facility up an running they will also be doing the necessary changes/upgrade to the get the carbonate facility up and running at or close to the same timeframe.

If this is not done then there are not many options for selling the other 50% or spodumene to be converted outside of China (Selling spod to China would probably a non-starter for Canada).

Option 1 - Change/upgrade carbonate plant while getting spodumene plant ready. Start production for both within 6 months of each other.
Option 2 - start spod in 2023 for 3 years and use profits to build hydroxide plant.
Note that today there are only 2 options in north America to convert spodumene (hint not Ford or GM or SK or LG currently)
------> Offtake to Tesla (conversion in TX)
--------> Offtake to Albermarle (conversion in NC)
Option 3 - Private Capital - fast track Hydroxide plant now to capitalize on pricing

My other thought is this;. Nemaska is also building a hydroxide plant, I am not certain the scope of their project but I do know that IQ has a 50% stake in it and might see an opportunity to combine the 2 projects - JV Sayona / Nemaska on the hydroxide facility with a large enough capacity to handle both ore bodies. Building one 60,000 tone plant may cost 50% less than building two 30,000 tone plants - it might also save on operations and maintenance with a combined approach. This also would allow Sayona to produce both carbonate and Hydroxide which would be huge to have that ability.

These are all just my cursory thoughts tonight. I think the scoping studies will reveal a lot and I look forward to seeing them in the next few months.