I especially disagree on your point about Patriot as they have...

I especially disagree on your point about Patriot as they have already been mentioned as having the LARGEST new spodumene find in possibly the entire world outside of perhaps the more recent AZS .

On top of that , Patriot has the backing right now of Albemarle as do others like Midland Explorations who have Rio Tinto and Midland who is also tied in with potentially the largest lithium claims owner in Brunswick Explorations.

We also know that Lithium future is all about finding more right now as well as the BIG boys like Albemarle , SQM , MIN , Hancock , FMG , and RIO wanting and posturing for more.

On the flip side , Sayona has 60% only of Moblan albeit with a fantastic current partnership with Quebec. They also have a potentially much larger as well as higher quality resource at NAL PLUS an emerging potential THIRD HUB in the Abitibi and highly prospective Cadilllac district near the mining friendly town of Val-d'Or.

And this THIRD HUB is potentially bolstered by an already proven resources at Authier as well as a massive early mover position around already historically proven showings at Lac Simard and Tansim.

And I don't reckon even if it was FREE , that they ( Sayona ) would have made the grab for these additional tenements East and West of Val-D'or if a.) they didn't already know of something potentially emerging in this Area , and b.) they had to have been given the heads up from someone in the know in this area .....

So in my view , it's still very much about land & claims and especially ground which is known to be prospective in planning future exploration and projects.

So you could easily argue that they ( Sayona ) didn't really need these EXTRA claims given what they have currently on their plate.........or did they .....?

And therefore ,its still very much about increased resources and exploration or why else would you have soil samplers and rock chippers who haven't even drilled one single hole in the ground valued at AUD$100 million ...... and developers and producers with assets as well as JORC proven up resources with many thousands of diamond drill holes drilled valued at only 4 or 5 times those sorts of figures.

I do agree with your pont based on the inherent value of previous and existing obtained permitting ..., and BOTH the implied and real cost in both time , manpower , and overall costs in obtaining that position and advantage.

So with respect to PMT and WR1 , and as can be seen by numerous projects that have gone before them - ie Critical Elements and Nemaska ,they are virtually years and years and millions of dollars behind Sayona in advancing their permitting and gaining project approval to convert on their projects.

So that point in itself should attract ' Multiples ' on Sayona's project valuations as well as shift significantly the attractions from the Albemarles and RIO's when the penny finally drops that Sayona can potentially process all this spodumene from 2 world class deposits where permitting and EIS efforts are completed or well advanced.

At the end of the day though , we are also competing against Nemaska who is virtually untouchable ........until Arcadium Lithium absorbs perhaps the lot in becoming the World's largest lithium miner and refiner.

And that might very well be the ' Light & Dark ' moment when the Quebec Lithium Industry transforms from just Black & White to Colour.

Before that happens though , i expect a higher valuations being ascribed to Sayona....particularly if it gets a move along with what I reckon will happen in the nearer term - ie my thesis.

But we could also see Sigma , having its own Canadian stock market listing diversifying its interests back at home and in Quebec and / or Ontario. This is obviously another scenario. Particularly in defense of any unwanted overtures and where the Canadian authorities may think otherwise in terms of its national security issues on critical minerals sovereignty. And we never did find out why Guy Laliberte was seen in South America sporting his Sayona polo shirt. And this was not long after he was appointed a ' Strategic Advisor ' to the BOD (ie Lynch ) , and who is also now GONE.

Anyway .....lots more to talk about when I return home......