I'm starting to think that SYA will never go downstream with...

I'm starting to think that SYA will never go downstream with their spod at NAL. Refer back to the ASX announcement on June 30, 2021.

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.

Does anyone else in Quebec convert/or will convert spod into carbonate or hydroxide before the time requirement that the agreement states? If someone else builds/or gets running faster than we would, we could make a deal with them to convert our spod. If the Quebec government backs and gives incentives to a major refiner to build a plant in Quebec, we may only have to mine spod at NAL and Moblan.
I would rather us do it ourselves with a partner at NAL site, but, this might be what SYA management is thinking.
What do you think?