General Discussion Topics, page-58449

Different analysis to an ' Individual ' investor who decided to Buy shares at 38 cents versus say 24 cents versus say 12.5 or 13.0 cents or even at the CR price of 18.0 cents.

What we are talking about here is the ' Macro ' investment decisions that Sayona has taken versus others like Pallinghurst and how they invested their dollars. Or indeed Frontier who has barely spent anything of any material amount on its Ontario Lithium projects and yet is still approximately A$361.88 million better off than where it was at the beginning of October 2021 when its equivalent market value was around A$194 million.

So in other word's , it is showing that it would have been just as good had Sayona just stayed pat where it was with its NAL acquisition than do anything else it has done since - because it is NOT reflected in the money spent or its efforts. So again we're not talking about how individual investors make their decisions to invest or the timing of such decisions - that's quite different.

I'm not underwater here as you may or may not be, but others are irrespective of Sayona's ability or inability to make the appropriate investment decisions at the right time for the Market to appreciate those moves. And right now what i am saying is that the Market clearly doesn't appreciate or rank those moves very highly.