General Discussion Topics, page-102409

Can someone let me know if my understanding is correct.

1. Sayona Quebec is 75% owned by Sayona and 25% owned by Piedmont Lithium
2. Sayona Quebec is in the process of raising $200 mil, of which part will go into Sayona Quebec.
3. If the Sayona Quebec partnership agrees to spend say $100 mil on mine development (assuming no internal cash flow), then $75 m will come from Sayona and $25m from Piedmont. So even though we as Sayona shareholders see a $200m capital raise, it really has an uplift for Piedmont's contribution.
4. A lithium conversion plant may be built by Sayona Quebec or if Piedmont don't want to contribute, by Sayona alone. If Piedmont don't want part of the conversion plant then they still get their off take as per the agreement. If Piedmont do want to be part of the lithium conversion plant then the first priority for the spodumene becomes the lithium conversion plant.
5. Although Sayona is the major shareholder and operator of Sayona Quebec, any PFS for a Sayona Quebec owned lithium conversion plant would need to be approved by both Sayona and Piedmont boards prior to release.

As has been previously discussed, Piedmont ending up with a very good off take deal due to the increase in the lithium price since the original partnership deal was struck. Is there an incentive there for Piedmont not to have Sayona Quebec own a lithium conversion plant?

Thanks for your feedback