Ann: Sayona Obtains Court Approval for NAL Acquisition, page-156

You know it's funny when you play around with ' Balance Sheet ' numbers.

Especially when you add up ALL the ' Cash Components ' of the BID , add the non cash provision for restoration and mine rehabilitation , Deduct the estimated deferred tax benefits carried , LESS the ' non cash ' script component of the IQ secured loan repayment less and future tax Sayona Tax losses applied to future NAL / Sayona earnings........

........ what you find is that they ( Sayona ) virtually paid NOTHING ......that's right $0.00 dollars for what amounts to a tangible Net Asset value worth $200 million and a combined tangible / intangible Mine Asset Infrastructure if it were to be revalued upwards of over CAD $400 million.

So as you can see in the attached previous DFS Mach 2 and NAL 2015 last feasibility study .......you are looking at a combined NAL / Authier NPV ....forget about TANSIM of virtually starting from scratch figure of NIL with NAL and therefore having a ' Free Hit ' at at least an NPV base case of $650 million.

And that of course is based on what is a very outdated original Roskill Lithium pricing estimate . So in a sense , by spending around CAD $200 million we should have spodumene churning out from BOTH Authier and the NAL mine site. In other words TWO outputs and inputs for the price of ONLY ONE combined CAPEX value which would have been around that figure in the first place at Authier.