Authier PFS, page-13

I'll start by saying that I am not hopeful that it will in fact be released on time - I mean just look at their track record.

When reading the NAL PFS I thought that the ore buy rate from Authier was a little bit high to be cost price so I came up with some rough calcs on what the Authier PFS might be based on the previous DFS. So stripping out the mineral processing costs (quarry operation) and making a few other cost adjustments (inflation, shorter transport etc) I came up with a rough NPV of around A$150M. This is just for the selling ore to NAL operation though I don't think there would be room to sell outside of that. Besides the concentrator is at NAL anyway.

Now obviously DYOR and DYOC this is not financial advice yadda yadda. It is interesting to me that they would do it this way, to leave profit on the table in the NAL PFS. Same with there being no Carbonate in the PFS. Is the intention to demonstrate viability of each operation independently in case Enviro approval or financial trouble?. If all integrated and one part falls short the house of cards falls down. So that would mean the NPVs of NAL, Authier and carbonate are accumulative. When carbonate comes online, it will 'buy' spod from NAL at PFS price, meaning that any 'missed profit' from NAL due to market price extremes flows through to the carbonate balance sheet.

Again this is only my opinion on what the hell is going on at SYA. Time will tell if I'm even close to being right.