A buy out seems unlikely. due to a number of factors.The...

A buy out seems unlikely. due to a number of factors.

The register has over 10B shares on issue. Of which the majority are retail and some of which would not want under 20c per share when we have been at that price before in simply better market conditions. Basic logic being either 1) They paid more than 20c so want more or 2) They have seen this get to 39c and believe we are simply undervalued based on market conditions.

As such I doubt any partner coming on board would get a majority vote of approval for a buyout at said price being circa 2 Billion dollars.

You also have the fact Moblan is 40% government owned which could potentially see a block on ownership or complicate ownership of Moblan pending on who the buyer is and whether or not it was an accepted party by Quebec.

I believe most shareholders would be even more pissed off if our management sold the cow just as it has started to be milked, at I might add again, a significant discount on its value based primarily around unfavourable market conditions.

It would be more likely a JV 3rd partner would join in, taking a piece of the pie for themselves (perhaps 1/3) without taking any equity stake in PLL or SYA. It may simply be their 3rd comes from a fast tracked process of getting the carb plant up and running ASAP for example.

My only hope is that management are no longer burning cash frivolously like last quarters 122M. Its seared into my brain that we would spend that much up Oct-Dec 2023 even though spod prices have been on a steady decline since Jan 2023 (basically an entire year).

The AGM in Nov 2023 should have brought the significant pull back in Spod price to attention. With a holder even stating at the AGM "does the board have measures in place should spodumene pricing hit $500 USD a ton" or something similar. So 1 month or so on they release a cost base review into NAL.

So hopefully cash outflow really starts to decline towards end of June 24.