Ann: Trading Halt, page-198

I don't think it has necessarily ' Failed ' as you say. But I do agree that there ought and probably will be further explanations.

So here's what know and can extrapolate right now.

We know the raise is for an initial A$190 million without any oversubscriptions.

And the fact there are oversubscriptions mentioned would certainly imply there is an ' attaching ' retail component which will take a period of time until the opening and closing of the ' Offer ' I would think anyway.

The ' Offer ' may or may not include attaching free or partly paid options as was the case in what LKE did with their 2 stagged rasing's last year.

So we can surmise the ' Closing ' period for this raise in so far as ordinary potential retail holders might take us up to the end of June or early July when the letters are sent out to ALL holders of the 3.0 cent OD options which expire on 22nd July but will be unable to be traded any further from around 15th July 2022.

So if we take into account that ALL OD's will be converted ( hopefully some if not ALL of the OC's as well depending on what's attached if any FREE options ) - We would then be looking at more or less a 14.5 - 15 % dilution effect on the register which was much the same as when the Moblan raise took place.

So we know that unless Piedmont is part of this raise and exercises its ' Non Dilution ' rights which it didn't do last time with the lesser priced offer of 14.5 cents for the Moblan raise , it ( Piedmont ) will be further diluted in its interest in Sayona Parent entity.

On the flip side of continuing on with Piedmont , we have the ' alleged ' allocation of funds suggesting that Piedmont will ALREADY be up for another $45 million in contributions to Sayona's projected A$135 million spend on ' Sayona Quebec ' projects , and thereby bringing the TOTAL spend to around $180 million or almost double to that of what has be mentioned in the PFS announcement by Sayona.

And again this is without ' Over Subscriptions ' . If it goes over by 20 -25 % will we then see a further A$20 or $30 million being raised bringing the total spend to over A$200 million just for the Sayona Quebec projects.

The other thing I am a little suspicious of is the volume of stock traded prior to this information being released and whether or not we see an updated ASX change in substantial ' Mandatory ' notice being received by Sayona in respects to any of its substantial holders including Piedmont.

Remembering that Piedmont already was NOT forthcoming with previous notices , so we would never know until later on when we reconcile back as to whether they were in fact part of the selling. I will be watching very closely for these movements when the Annal Accounts are published with a NEW Top 20 listing.......