Yes but in those scenarios , Sayona will be ' Recouping ' 100%...

Yes but in those scenarios , Sayona will be ' Recouping ' 100% of the cost of the production going into producing the $100 NET PROFIT per tonne.

Because unless Piedmont is contributing 25% of the cost , then 100% of the cost of production is coming out of Sayona shareholders pockets. And that is obviously because it's being paid from the funds raised by Sayona Mining ( Parent ) and NOT the J.V.

So at some point , Piedmont will have to either pay their 25% contribution through cash calls or whatever you want to describe ......, or Sayona gets the 100% of the cost back from clawback in the sales price as well as its 75% share of the $100 net profit which will go back into the venture.

So either way , Sayona eventually will realize its 25% ' Relief ' of costs incurred. Expressed in the cashflow whether its preemptive , in the moment , or in the future whenever the SALES are realised.

Sayona Quebec ....a.k.a North American Lithium JV did NOT raise the $200 million. On top of that , the Acuity $200 million facility is not the facility of the JV.

In fact strictly speaking only 32.5% of $65 million of the $200 million raise was specifically allocated to the Abitibi HUB which is in fact the JV.

So I guess in theory , if we're using more than $65 million which was raised from Sayona parent shareholders and we use another $50 million which was even earmarked for this , then where is Piedmonts equivalent share of the ' Overs ' in capital or operating cost required in maintaining its 25% share of the venture.

Because that's what its all about right . Maintaining YOUR SHARE of the requirements of the JV. Expenditures both operations and production as well as capital and subsequent net result of positive or neutral cashflows. Or even negative if that's what it comes down to.

And so the important point here in my view , and another way to look at it , is that Sayona Parent ... being the 75% shareholder of the JV is clearly currently Bank Rolling this JV...... that is to say if we're only getting cash calls when Sayona being the Operator says its necessary.