My take on the quarterly is also a somewhat balanced view.The...

My take on the quarterly is also a somewhat balanced view.

The cash burn was bad. But the capex spent should help optimise and hopefully help reduce our opex in future periods.

The 193M ATM facility will be an interesting point, it would appear that there is the possibility this wouldn't be on the cards. Because if its cash in hand and shares issued at a discounted market price via SYA. To be given 193M and an equivalent value of shares be issued to the equity provider we would be looking at if shares are issued at a 3c price something like 6.4B shares being issued to the equity provider for the 193M cashe equivalent. So unless im misunderstanding its use. It would appear that it may be limited because that would significantly dilute SYA holders. It has better use at higher share prices because it would appear less shares would be required to be issued.

We have other items to expect this quarter: Moblan DFS, NAL cost base review and also the appointment of one or more independent directors.

"Amid challenging market conditions, Sayona remains focused on delivering results for shareholders and ensuring the
Company is well positioned for the eventual upturn." well at least shareholders are starting to be somewhat recognised by JB lol.

A big plus was the increase in output (ore mined) at no detriment to grade. 5.5 QoQ

"NAL achieved successive daily production records of spodumene
concentrate production between 650 – 700 dry metric tonnes per day" if we could do this for 365 days = 255k spod.

The dome is looking great. I am not a miner so dont have the faintest idea about the process, but I find it strange they need this to stockpile ore in the winter months. If snow/ice on ore is an issue, couldnt they simply add a heated conveybelt to melt any excess ice/snow off before feeding through the rest of the process?


NAL-
At 31 December 2023, a total of 172 diamond drill holes measuring a total depth of 45,535 metres had been drilled, with an
average of five drill rigs used throughout the quarter. The drilling rate declined during the quarter, as the program progressed
to completion in November 2023. Will bode well in future periods as we simply cannot afford further drilling ATM. The drill program for Vallee also ended in Nov. Moblan has expansion potential, though I hope they dont plan to drill this until market conditions change.

Mt Dove Project
A drill contract was executed for first pass aircore drilling at Mt Dove. The timing forcommencing drilling is currently being
reviewed. The aircore drill program objectives are to test magnetic features and structural targets beneath cover for bedrock
gold anomalism of similar style to De Grey Mining’s nearby Hemi discovery. I should think so, we dont need more drilling costs. Lets focus on NAL, yes?

My overall take is that while the figures re: cost are not great, the next quarter will be telling in terms of if the cash burn has well and truely been wound back. Dec inventory sales that wont occur until it was shipped in early Jan should hopefully help out with revenue.

They mention $1,200AUD/t being average sell price. The Fob last quarter was about $1231. With a number of capex items included this quarter fingers crossed we can move towards a break even point in this next quarter. But spot price needs to improve to help our position.