Firstly, I'll point out as I have always maintained, the 226ktpa...

Firstly, I'll point out as I have always maintained, the 226ktpa nameplate was unrealistic. It should have come as no surprise, but clearly did. Lithium projects always overstate targets in feasibility studies.

Secondly, if you read the previous announcements, the intention is that if / when a converter is up and running by the JV, the SC grade will increase (dropping the nameplate) to basically mean that NAL produces about as much SC as is required for the downstream JV plant. There would be no likely excess headed to PLL under that scenario.

Where there is value in the OTA is the time until a plant is up and running. At this stage we are waiting on results of a DTS (the managing partner SYA seems to prefer less detail for stakeholders, so no DFS) next year and then a FID by the JV partners regarding downstream. Experience tells me that these sorts of projects take many years to get up and running. I place the previous SYA timeframes for downstream in the same category as other SYA forecasts.

However let's assume that going by the last estimates SYA published that a downstream plant is commisioned in CY27, there is still hundreds of millions of potential profit to PLL at current pricing. A potential significant SC pricing rebound in 2025 that some analysts have suggested could see the OTA value balloon.

Beyond that there is potential SC expansion at NAL that couod be beyond a converter's needs (for those that say why would SYA do that if most of the profit would go to PLL, I say why would they forego opportunity for profit out of spite?).

We really don't know if or when a converter will be built but regardless, that OTA is worth a huge amount. Those calling for it to be renegotiated immediately are not suggesting what SYA would be offering in a renegotiation and I am asking retail holders here, how much would you be willing to stomach?