Ann: PLL: Sayona & Piedmont Lithium Announce Successful Restart, page-116

Welcome home Jase ... vacation or work (PLNG?)

Anyway, IMO SYA shareholders have nothing to be concerned with on the lack of OTA news. SC is a valuable commodity. It will be sold by SYQ. The only real "unknown" is the price (bet market linked) and tonnage (harder ... could just say 60,000t ... remainder of CY 2023). The who is likely to be a creditworthy Asian buyer or processor.

My expectation here, is that the easiest path goes something like this
1. Because LG is expected to take PLL's 1st shipment then...
2. LG says to SYQ I'll take the 1st 2 shipments - so PLL's and SYQ's - and payment terms are the same as PLL's. Keep in mind the LG pays to PLL a contracted price "determined by a market-based formulalinked to the published Fastmarkets Index Prices for spodumene concentrate ona trailing basis AND adiscount based on the prevailing market price at a given time" - which was in consideration of the equity investment into PLL. SYQ may not like that and its up to them to negotiate that if they want to.
3. SYQ can then make revenue allocation to SYQ/PLL JV accounts as the JV wants. Either PLL gets 1st shipment (and pays its ~$900/t to SYQ) or SYQ sells actual first shipment (and retains revenue in JV) or SYQ decides to "apportion" each cargo on a 50/50 basis.

All the above is acceptable to me as a shareholder of both.

At this time its easy ... SYQ knows for sure it has 60KT and for sure it can sell 30Kt on their own behalf and 30Kt to PLL. An arrangement with LG as above makes the logisitics simple.

Then it may get a little trickier. We don't know for sure its going to be 120Kt for CY2023 - we think it may well be but it might not be - so SYQ might want some form of "balance of production" (assuming that PLL is secure for 60Kt in total). In other words IF, for some reason, only 110Kt is available for sale in CY 2023, will it 55/55 or 60/50 (well aware of the pro-rata discussion). And SYQ has to think about the logistics a little more than if the JV cargo is going to the same port, on the same ship, to the same customer.

I'm happy if that gets "drip fed" until SYQ has greater certainty. I wouldn't say its a "riskless" way but it seems to me to be less risk than making a firm commitment.