I just wanted to let my fellow HC members know of the recent e-mail I sent to Sayona and the response back.
I wish the response was more positive, but to me, it isn't. I really would like to report positive news especially when the sp has been hit hard like it has in recent months. I believe this forum can help other investors in making a decision to invest in SYA or to cut their losses. Just to be clear, I have been a LTH of SYA and have accumulated quite a few shares. Even with the conversation revealed today, I will be holding onto all my shares. It seems that I will need to wait a little bit longer for the results that I want. So here is the e-mail I sent:
Sujet: ASX Announcement dated May 21, 2021
Message: Dear Sirs,
Thank you for reading this e-mail. I know you have been quite busy recently. I was wondering if you could give me some more explanation and incite on a sentence that was in the ASX Announcement dated May 21, 2021 "SAYONA QUÉBEC’S OFFER FOR NORTH AMERICAN LITHIUM TAKES A STEP FORWARD"? It reads "Furthermore, if the transaction is approved by the Superior Court and the other closing conditions are met, Sayona Québec and its partner, Piedmont Lithium, are committed to carry out secondary processing of lithium in Quebec within the next five years, in accordance with the conditions set out in the agreement with Investissement Québec." Is the commitment to carry out secondary processing a requirement of the acquisition of NAL? If so, is SYA on track to accomplishing this? I understand that you are probably unable to release any confidential or market sensitive information, but, was just wanting a generalization of the progress in this matter. Thank you. I appreciate your hard work at this important period in time.
This is the response back from Dougal:
Hi Robert
The Sayona Quebec joint venture (Sayona 75%; Piedmont 25%) wholly owns North American Lithium (NAL).
NAL has an agreement with Investissement Quebec to undertake conversion of NALs spodumene concentrate in Quebec between the 6th and 10th anniversary of the closure of the acquisition of NAL.
The joint venture continues to progress assessment of downstream conversion in Quebec. In June 2023, a preliminary technical study was released for lithium carbonate operations at NAL.
Currently, the joint venture is undertaking a trade-off study between lithium carbonate and lithium hydroxide, before moving to a definitive technical study for release in 2024.
Regards
Dougal
So it seems that the agreement stated 5 years. Dougal is saying 6-10 years. I don't know what to make of that. If what he is stating is correct, we may not see chemical conversion from NAL til 2027 (earliest) or til 2031 (latest).
Of course it could come earlier, but it seems that it is not obligated until 2031. I just hope it is sooner than later.
Again, I just wanted to share to HC what my response was from my latest e-mail. Make of it what you will. Good luck to all us LTH.
(20min delay)