Ann: Strategic Review of WA Assets to Maximise Value, page-22

A lot of people trying to work out the ' Mechanics ' of the SYA -AJM Earn In.....But seem to be looking in all the wrong places. And obviously being an ' Earn In ' you would first have to look to Sayona and the terms of he earn in expenditure.....and not AJM..... So REMEMBER you heard it first on the SYA forum as expected .....

So while we allegedly have this ' Earn-In ' agreement it would be nice to know exactly what has occurred and / or is owing so far on the work completed just prior and since the agreement was hatched and the terms consummated.

And failing being exactly advised by Management ( which is something we come to expect with Sayona ) , it would appear that we can actually work it out within a certain degree of accuracy.

For instance we know that in the September Quarter Activity and Cashflow Statements ( of Sayona ) , we see that it was reported that AJM had undertook and completed the following work :-

September QTR 2019 - per the Quarterly Activities Statement

" During the quarter Altura commenced a desktop review of the project data for all the Western Australiantenements prior to commencing fieldwork. "

December QTR 2019 - per the Quarterly Activities Statement

" During the quarter, Altura completed adesktop review of the project data for the Western Australian tenements and carried out site visits in thePilbara. Planning for the commencement of fieldwork is continuing. "

So if you correlate these to the Quarterly Cash Flow Statements you would confirm that as per the September QTR spend on (a) exploration & evaluation , it was $995,000 with the December Quarter spend on the same category in the cashflow statement coming in at $640,000 for a total for the half year of $1,635,000 .

And to confirm these movements , we can fact check these figures to those reported in the Half Year accounts produced on 2nd March 2020 as follows :-

Per the Half Year Accounts , the movement in the Exploration and Evaluation Asset under the Balance Sheet heading of NON CURRENT ASSETS had a movement of $2,463,203 resulting in a difference of $828,203 compared to the combined Quarterly Cash Flow Statements of September and December. And this obviously being on account of any ' accrued ' liability under the Current Liabilities heading of ' trade and other payables ' which came in at $2,059,958 . So this more or less ties in.

Then there is the additional information regarding ' Capitalized ' expenditure as reflected in the Half Year Note to the Accounts as follows :-

From : HALF YEAR ACCOUNTS :-

( issued on ASX on 2nd March 2020 )

NOTE 4: EXPLORATION AND EVALUATION ASSET ( Bottom Page 13. )

" During the period (8 September 2019), the Group entered an "Earn-In" Agreement with lithium producerAltura Mining Limited (ASX:AJM). Altura is to spend $1.5m on exploration within three years to earn a 51%stake in the Group's Australian tenements. At this point in time, Altura has commenced operations but theHeads of Agreement is yet to be finalised. Consequently, the Group is to be reimbursed for costs it has paidduring the period but these costs are not yet considered receivable and have not been classified as such in thefinancial statements. "

So after considering ALL of these points , it becomes rather obvious that Sayona is yet to Invoice AJM for the approximate $ 828, 023 in costs expended on the W.A tenements package , and will be even more interesting whether in fact we ever see these amounts . Either way it would be nice to know that we have at least another $800 odd thousand in receivables in the pipeline which we definitely know we will be paid. Could come in Handy down the line.......