I know it's not a popular comment on this anti free speech...

I know it's not a popular comment on this anti free speech platform but this is the simple reason.

The company has approximately $300 million cash, it has no debt, it has a converter that may cost $300 to $400 million to complete whilst other operators will spend $1 billion to create one from scratch, it has large resources in greenie friendly Quebec, it has interests in lithium rich Western Australia and it's about to fill its first ship full of spod

BUT

It only has a long list of JV's (PLS's strength was 100% ownership)

It is selling 50% of its product for a measly $900 per tonne

It has 10 billion shares on issue

sensitive information seems to leak

Whilst it's future can be secured, it will take considerable time. Whilst the BOD have done well to get the business to here, they have probably reached the limit of their capabilities.
A stock consolidation must happen. Institutions are not going to invest heavily with a company that is comprised of 60 to 70% of retail shareholders.

The best thing that can happen to SYA, is for PLL to hit financial instability and be forced to sell its 25% to SYA.