The creation of the JV was sensible. 75% Sayona/25% PLLWhen the...

The creation of the JV was sensible. 75% Sayona/25% PLL

When the JV decided to bid for NAL, were there any other financial options for Sayona?
If the answer was no( and none of us know the real answer to that), then the customer offtake with PLL was a no other option negotiation.

In the December prior to the NAL purchase, the spod price was US$420 per tonne.
The JV agreed on a floor price of US$500 per tonne and a ceiling of $900 per tonne. So based upon the historical tonnage rates, the negotiated prices probably seemed reasonable.

In hindsight, they should have agreed upon a flat discounted rate to the market price. This is where the issue sits.

When the JV completes the carbonate plant, then everything reverts to the intended percentage split of the JV. 75% SYA/25% PLL

So how do we get there?

The uncontracted portion of the NAL product will need to form part of the deal with a Honda/Albermarle/GM to complete the carbonate plant. A Moblan offtake agreement will also need to form part of that agreement.

The capital raising at 18c has hurt us as retail shareholders but only in the short term. Without that capital raising, the JV would have folded.

By September 30, the NAL ramp up will be complete. That is a historical milestone, considering the previous failures. That success will be due to the hard rock mining know how of one person, James Brown.

JB is no Michael Hutchence of INSX.He is more like a Kirk Pingilly.

When the big CEO announcement gets revealed, then the picture will become clearer to our coup members.