Concerns and questions to raise at the 2023 AGM on Nov. 30th.

I have started this thread because I think we need to talk about our concerns for Sayona Mining and where the company is headed. I think it would be a good idea to discuss all this prior to the AGM, so that we can present a unified front.

I will start by listing the biggest concerns that I have and want to see addressed ASAP, or at the AGM:

1) Quality and integrity of BOD
2) Qualified and competent CEO to run Sayona
3) Lack of clarity on strategic direction and growth for Sayona (stick to digging rocks or going downstream?)
4) Lack of clarity on strategy in event of hostile takeover
5) Lack of communication with market and shareholders.

Addressing point by point:

1) Right now the BOD consist of 3 old coal farts that march in lockstep, and one “yes” man in Philips Lucas who is a carryover from Altura. The BOD lacks diversity both of knowledge and expertise, and so is distinctly unqualified to make qualified downstream decisions. I’m told that Sayona is seeking to add at least 2 new board members by the time of the AGM, so let’s see if that actually happens and if all new board members have no previous affiliation with the existing BOD. If nothing happens, this becomes a real concern. We must have a board that represents diversity and a broad range of knowledge, including chemicals.

2) Since Brett Lynch’s resignation, we have not heard one word from acting MD, James Brown, neither in the form of guidance for the market, or in any direct and personal communication with any shareholder as far as I know. The market has therefore punished us very harshly by just about halving our SP and keeping us there with very minimal effort. This is completely unacceptable, and so it is pretty obvious that we do NOT want James Brown leading Sayona, and we want him out of the driver’s seat ASAP. This is a man who is not going to change or get better. His track record with Altura and Morella is pretty obvious.

We must make this loud and clear at the AGM, even to the point of confrontation or disruption if they refuse to yield the floor to us shareholders at the end. James Brown must be made to understood, or be told to his face that he is completely unqualified to run what has the potential to be a $10b company and that we have ZERO confidence in his ability to run it, never mind grow it, while running two other companies, and all while not even residing in Australia, but in Singapore, a tax-haven. We MUST hire a CEO who is very experienced and uniquely qualified to run a multi-continent $10b company.

If they haven’t already started a search for a CEO, or hired a headhunter, we will make it clear that they are to start that NOW.

3) So what is Sayona’s identity? Is Sayona going to stay in their warm little safe coal-farts haven of just digging rocks with a small carbonate plant, or are they going to go big and create multiple hubs that are fully vertical? This is something we must find out at the AGM, or by making an effort to directly contact James Brown or the BOD. This will have a huge effect on the long term effect of holding stock in this company. Sayona is either going to overtake or be overtaken, depending on if they think small or big.We don’t have to make them tip their hands by forcing them to reveal overall strategy (i.e., is Amos in play?). We simply have to ask the simple question: are they 100% going to commit to downstream production beyond the Carbonate plant? This has to be a yes or no question, period.

4) All I want to know is this: does Sayona have a strategy for dealing with a hostile takeover? Do they have a plan? A poison pill? A simple yes or no will suffice.

5) As has been pointed out a thousand times, Sayona has a terrible track record when it comes to communication, both to the market and to shareholders. This issue was literally brought up at the last AGM, and obviously NOTHING has been done to improve on this. We need to make it a bigger issue this time.