I would say he is partly eluding to the Carbonate PFS possibly...

I would say he is partly eluding to the Carbonate PFS possibly incoming as obviously HATCH have undertaken this. Tie ups with Quebec government and possible assistance/grants or partnerships with major players that cannot yet be announced could also be on the cards in time I believe and could be part of the reason for the delay in announcing. Time will tell.

As for the 'EXCELLENCE' and 'TIMES 4 after a divisor of 10'...? Your guess is as good as mine, ideas anyone? NPV numbers?

There is certainly a lot to look forward to, the carbonate PFS is the most important factor atm imo. It moves us along to the next level with downstream refining which is what the Quebec government are wanting obviously as it is integeral to their overall in-country battery chain strategy. The spod and the PLL deal are all just temporary so it's crucial to finally have the information as to what NAL will truly become and how this equates in terms of NPV and potential expansion and downstream offtakes and partnerships etc.

I'm happy I bought a little more today, time will tell if it was the right move but I think 18c is a song for Sayona right now personally.