Yes, the 2023-24 pricing used to supply PLL is not market...

Yes, the 2023-24 pricing used to supply PLL is not market reality, but does heavily subsidise PLL's Lithium Hydroxide plans. I have held plenty of SYA and some PLL since 2017 and was quite surprised at the pricing NAL has factored in with offtakes to PLL. Yes, the payback is still good and $ NP excellent, but SYA is largely underwriting the downstream expansion plans (would have liked some cross equity by SYA in PLL for this bargain pricing). Anyway SYA still a good buy, especially LT holders like me.
GLTAHs