"They will continue until such day as the the jv commits to...

"They will continue until such day as the the jv commits to completing work on the plant, or they say it is dead."
You seem to be up to date on everything Sayona, but, I just wanted to remind you (and everyone else) about the terms of the agreement for the acquisition of NAL. Below it states under the terms that our JV partner Piedmont and us MUST go downstream to Carbonate or Hydroxide. ASX announcement date 30 June 2021 IQ Assigned Debt
Sayona Québec, Sayona and Piedmont Lithium have entered into an assignment agreement with IQ (the
Assignment Agreement) pursuant to which IQ has agreed to assign its rights and interest, as creditor, in the
IQ Assigned Debt, on the closing of the transaction, subject to certain terms and conditions. Consideration
payable on closing in connection with the assignment is:
(i) cash payment in an amount of C$36,000,000; and
(ii) issue by NAL to IQ of 20,000,000 preferred shares of its share capital, having an aggregate value of
C$20,000,000.
At transaction closure, Sayona Québec and IQ will enter into a governance agreement (the Governance
Agreement) setting out provisions relating to their relationship as shareholders of NAL and to the
governance of NAL. These include certain veto rights in favour of IQ, together with rights and restrictions
relating to the transfer of NAL shares and property.
Under the Assignment Agreement and the Governance Agreement, Sayona Québec has agreed to an
extensive regime of commitments to pursue the establishment of industrial spodumene conversion
facilities in the Province of Québec (the Quebec Content Undertakings).
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.