Ann: Quarterly Report (Form 10-Q), page-68

It really feels like a game a distraction at this point. It is difficult to credibly continue to point the finger at shorts for share price movements given the low percentages of shorts. It is often unpalatable to blame management for current performance as that clearly suggests there may be good reason for a lack of market confidence in the company. It is easiest to blame management for years old decisions regarding agreements with PLL and to shift the focus of venting behaviour towards PLL.

That has resulted in a campaign to tarnish PLL's reputation by claiming without basis that PLL doesn't pay it's way in the JV and as such there might be an opportunity to gain by somehow not fullfilling the PLL offtake on that basis. It is an offer of hope in the form of what ifs against PLL.

I will be intrigued to see how that narrative develops once the actual costs and performance at NAL are revealed. Unfortunately uncertainty at NAL is impacting both companies. It is import to remember that PLL still has a 25% economic interest in sales outside the existing offtake agreement - it is not SYA's share of product as many seem to claim.

Costs and performance at NAL are of high importance to PLL as a JV partner. The market is skittish due to the goings on at CXO with their rampup and in the absense of information that could have been supplied in the most recent SYA quarterly regarding NAL rampup, the market is assuming the worst.