General Discussion Topics, page-44189

And the thing with this above analysis , is that as some have suggested, the whole inclusion into the S&P indexes have been the driving factor behind the SP's rise and rise. However , I don't subscribe fully to that theory because on the one hand you can argue that due the rise and rise of the sector overall , and across the handful of Lithium sector stocks which have been included would require an equal and opposite rising amount being indexed by the fundi's in these selected stocks.......however on the other hand , I already showed several stocks from prior inclusions which did NOT rise to the same extent following their earlier inclusions to these indexes. And they were also Lithium stocks like LTR and others.

So therefore - This phenomenon, if you like, which has occurred with the Sayona SP since the beginning of March , can not possibly be due solely to the inclusion in the ASX 300 and ALL ORDs indice's in my opinion .

And even if it was let's say the full 100% on account of the inclusion and nothing else , you would be back to square ONE with Moblan being valued at $0.00 and the NAL increased resource base being valued at $0.00 , as well as ALL preemptive expectations of ALL drilling campaigns being valued at $0.00 ....as well as the highly expected economic case for profitability across the pending DFS of not one but TWO mining projects ......as well as the pending announcement of potential funding partners for the necessary ' Start-up ' capital or even more if upgrades to Carbonate are also being considered this early. So ALL of these items a a measure of the recent appreciation in the SP would ALL be valued at $0.00 contribution if the inclusion to the index were the only thing Driving this re-rate.

And that notion is simply incomprehensible on any valuation quantum.....because that would mean that Moblan is not even valued at its TERP pricing done almost over 6 months ago now.

So th at is why I feel the index moves are more a reflection of an event and perhaps slow averaged accumulation over time than a ' Pure ' play reflection of Sayona's valuation at the time of the event.

So the SP rise has had more to do with definitely something else. Perhaps and obviously the supercharged DFS expectations , Moblan increased JORC expectations , Pilbara lithium expectations , High purity battery grade lithium expectations etc..... Or a combination thereof as well as general keeping pace with the Index and other peers in the index based on what assets we have on a comparative basis.

But certainly , the analysis when compared to Frontier and to a degree with Sigma as well , is that we have ONLY gained back in SP and valuation to what we would have attained had we gone with the 60% of Frontier instead of Moblan.......and we are still down in relative valuations terms to Sigma of just over A$450 million even with this recent rise in SP...... Makes ZERO sense unless you subscribed to the theory of Market manipulation from BIG players for some BIGGER reasons not currently being revealed at this time.