General Discussion Topics, page-74283

Well said Ykika. I have no doubt that PLL will uphold the Quebec Content Undertakings, and will support the development of downstream refining operations in Quebec prior to the Quebec Content Undertakings. As you've pointed out, these milestones are some time in the future.



SYA are obviously super incentivised to accelerate downstream refining (to implement the volume waiver of the offtake agreement). PLL obviously don't have that same incentivisation. PLL have Capex to spend on its other projects in the short-term (rather than NAL downstream), and they'd be giving up way too much value for their Shareholders from the SC6 offtake.

In my eyes, PLL will work to the Quebec Content Undertaking milestones (which require downstream refining by as early as 6 years post transaction closure). If SYA want to accelerate this to ASAP, then a commercial negotiation needs to take place (starting with increased NAL ownership).