"LG Energy is high on my list for SYA and were Altura's major...

"LG Energy is high on my list for SYA and were Altura's major upstream customer prior to acquisition."

I agree although it's very complicated, there are three potential OTA's at play..

1: Unallocated spod at NAL which can only be a short term arrangement assuming a refinery is built. Could effectively happen at anytime although the JV needs to be sure it can deliver before committing IMO.

2: Unallocated Carbonate/ hydroxide from the refinery when it is built, unlikely any movement on that untill they have proven the mine / concentrator is viable at low prices . Possibly involve an MOU contingent on that happening earlier but nothing definitive.

3: Unallocated spod from MOBLAN and that won't be built untill we have an OTA / finance / permits in place.

I think JB would like them all connected but that will be some challenge around timing. Its likely any OTA or financial arrangement will reduce our working interest in MOBLAN to help spread the risk and that could also happen at NAL. What we would like and what we end up with are likely to differ these things evolve to fit circumstances.

There are a lot of moving parts and variables but SYA are mining experts not refining experts and logic would suggest that being a supplier not a refiner is the likely path IMO.

There is one thing for certain , if there is a future for hard rock mining in North America then with a paid up concentrator in operation already well into its ramp up , no debt , some cash and another large and proven deposit we are about as well placed as a supplier of spod could be.

For me the main thing to watch is the price of spod, it's softened a little in the last couple of sessions, I'm quite relaxed about costs coming down. The exchange rate also has the potential to change things considerably but has been relatively stable and generally advantageous for a long time.

Cheers Whisky