This is the most pissed I have ever been, as a SYA holder for a few years. The EGM in my view was a major failure. There were no concrete actions or results, just a lot of talk, more groundless forward-looking statements about project status which very few people are buying at this point, and especially the market. Moblan is going to have three concentrators? Very good, but still all talk at this point.
Still no offtake agreement in place, okay fine- that’s not information that should have been released after the votes were in. That’s just flat out disingenuous. Their excuse, as well as my impression, is that the OTA is taking much longer than they ever thought, because of the scale and complexities involved (assuming they are actually still in the midst of negotiations) with asking a chemical producer to finance both NAL and Moblan. That’s fine, stuff happens, except, in which case, the fat pig oppies packages that BL and especially the ever-incompetent Paul Crawford just voted themselves, should have been taken off the table. Quite frankly it should have never been on the table in the first place, until the ink on the OTA was dry. Very bad move on Sayona’s part. A colossal blunder.
The latest comm, the votes tally, still has the old Paddington address on it. What a nice parting shot by the ever sloppy Paul Crawford.
And a note on the surprise CR. It’s been speculated by a few on here that it was done to safeguard against a collapse in OTA talk, and that’s plausible. I have found nothing to discount this hypothesis. Add to this that it’s pretty much an open secret that Sayona have been talking to LG, as they check off all the boxes and the hypothesis that talks broke down fits in with LG’s threat to cease construction on their Winsdor plant. A new deal was only reached at the end of last month and construction resumed the first week of July, this month. Enter the need for a sudden CR. Again, plausible, and not unreasonable.
But what is completely remiss is for Brett Lynch and Paul Crawford to slip in fat bonuses for themselves for something they had yet to accomplish. The gall to reward themselves in the middle of doing yet another surprise CR. That is absolutely egregious to me.
And why no detail on the spot auction? How is the sale to be conducted? Pilbara’s agreement with GLX Digital to construct the BMX, a digital platform to conduct spot auctions, didn’t occur overnight. Are they going to conduct this another way? Or is this just an one-off deal? My suspicions as to why there is no detail or clarity on this is because this is a last minute scramble, and only the July shipment, and possibly one more shipment is going to be sold at auction.
And what portion of the 38k is to be sold to PLL and what portion is to be sold at auction? Or is it that 38k going to consist of selling 30k and holding 8k for the next shipment?And why the prolonged delay on the carbonate plant? What’s the hold up on ordering the crystallizer? Why can’t they do that right now?
Responsible and ethical communication from Sayona continues to be a failure.
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