General Discussion Topics, page-124103

"As part of these undertakings, a feasibility study into the development of a spodumene conversion facility
will be conducted within three years from the transaction’s closure. In addition, subject to certain
conditions, NAL has undertaken to convert its spodumene production into lithium hydroxide or lithium
carbonate within Québec from the sixth anniversary until the 10th anniversary of the closure.
If these obligations are not achieved, NAL is obligated to redeem a certain portion of IQ’s preferred shares
at a price equal to their initial value plus interest at a minimal rate of 5% per annum. Sayona Québec may
periodically redeem a certain portion of IQ’s preferred shares, upon meeting various Quebec Content
Undertakings, for an aggregate amount of CA$1.
Piedmont Lithium and Sayona have agreed to guarantee the obligations of Sayona Québec under the
Assignment Agreement and the Share Purchase Agreement. In addition, Sayona Québec will guarantee the
obligations of NAL in respect of the Quebec Content Undertakings described above.
As part of this guarantee, IQ may elect that any amount payable in connection with such Québec Content
Undertakings be paid in Sayona shares, subject to obtaining the necessary approvals from Sayona’s
shareholders at the time of the election.
Transaction closure is expected to occur during Q3 2021, subject to the satisfaction of certain conditions
contemplated in the Share Purchase Agreement and in the Assignment Agreement, including Sayona
obtaining any necessary approvals under the ASX Listing Rules and other necessary regulatory approvals
(inclusive of any clearances required under the Competition Act (Canada) and Investment Canada Act
(Canada)), as well as other customary closing conditions."

We have two years to build and commission the Refinery,producing Lithium Hydroxide or Lithium Carbonate by 2027. At that point the OTA with PLL is dead and buried, otherwise we are in Breach and could forfeit the Asset (NAL).