Just a further comment in regards the above point 5. Sayona is essentially Purchasing 60% of a yet to be validated or proved up JORC resource only on Moblan. They are not per se buying ' Physical ' assets.
Accordingly , one would expect that through ' Future ' planned drilling campaigns that this ' Resource ' could be in fact significantly proved up further. This is where the value lies , but that is ONLY if we can get in there and do what explorers do and that is Drill. And to drill without further provocation or obstruction.
You see what I am saying here. FIRSTLY we have some uncertainties surrounding the ' When' we will do this - ie the FUTURE , and SECONDLY we have the Market uncertainties surrounding the fact that at least 2 of our 4 projects have and are being obstructed by various protagonists who's protest of our projects have and may continue to give rise to unacceptable delays in everything we do.
So the Markets do not like these sorts of ' uncertainties ' .......uncertainties caused by indeterminable future timelines and / or unpredictable sovereign risk surround our projects and brought about by the environmental abhorrence of a select few rotating groups of individual protagonists.
Plus the Market doesn't particularly like when a asset of this magnitude of over $100 million dollars is sitting potentially idle for 6 months since purchase with no other plans in the offing but a simple expansion drilling program. The Market not only wants more but it is clearly expecting more of what this particular offshoot of the strategy actually represents. They speak of ' Northern HUB ' , but by definition a HUB represents more than just a singular Mine ,but more the ' Center ' of Activity , Region , or Network. As in the Dictionary's definition of ' Financial HUB '.....or Technology HUB .
So there is a lot that isn't being laid out here , and make no mistake this was a very BIG purchase. To think that we could have taken a similar sized position in Ontario's Frontier Lithium at what amounts to the same time and realized a paper profit of over $165 million as opposed to a net depreciation in overall value of $265 million is simply ridiculous and unconscionable if they only did it because they now had the money. Because there were so many other ways they could have created value for shareholders with that sort of coin. And lets face it , Piedmont didn't want a bar of it......
In all my years , I would be hard pressed to have seen many deals like this go in the opposite direction to the extent this one has - and nor have I seen a BOD who are so potentially blinded by their own self importance of doing the deal ' because they can ' and because they wanted to years ago that they missed the obvious deal of the year by NOT looking at Frontier.
Disappointing is an understatement......
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