https://www.********.au/2022/11/28/here-are-the-10-most-shorted-a...

https://www.********.au/2022/11/28/here-are-the-10-most-shorted-asx-shares-16/



I Never listen to Motley Fool, they write whatever seems to fit, but while I got a chuckle I wanted to also point out that in the next 6 or 7 months we will receive a DFS and 2 PFS with NPV calculations for 4 separate projects.

1. Dec 22 / Jan 23 DFS for NAL - Our PFS showed a NPV of just over $1 billion AUD. The PFS sited 163,000 tpa of spodumene which for many of us seemed to be a VERY conservative number based on the fact that the name plate for the concentrator with no upgrades was 180,000 tpa. In the ensuing months Sayona has course corrected and used 220,000 tpa in almost every presentation. If the DFS follows suit this would be an improvement of 35%. The price for a ton of spodumene was also very low price of $1242, since then many top analysts including Simon Moores from BMI have changed their long term price outlook closer to $2,000 per ton. IMO the DFS should set NAL's NPV closer to $1.5 Billion AUD. NOTE - I am not including any new resource that might be added via Jourdan.

2. March 2023 - PFS Carbonate Plant - Both Lioh-1 and Lioh-2 from PLL have a stated NPV of $2 Billion USD which translates to $3 Billion AUD. Both of their plants are 30 year life however Lioh-1 only sources its ore from an integrated ore body for the first 11 years and Lioh-2 is not integrated and relies on ALL spod at market price, Sayona will source its own ore body every year which should add significantly to the overall NPV. I believe the NPV for our carbonate plant could come in closer to $4.5 billion AUD
https://piedmontlithium.com/piedmont-completes-bankable-feasiblity-study-of-the-carolina-lithium-project-with-positive-results/
https://piedmontlithium.com/piedmont-completes-preliminary-economic-assessment-for-second-u-s-lithium-hydroxide-plant/

3. May 2023 Moblan PFS - This is very tough to estimate because we do not have any drill results at the moment. I think with the 1.4% grade a relatively shallow resource that the NPV will at the very very very least would be the same NPV as NAL and depending on how much of the resource they include in the JORC could easily be double or more. Until I see drill results I am going to put a $1.5 Billion AUD place holder here.

4. Lastly we should get some info about the NPV at Authier which I believe will be around around 1/2 Billion AUD.


So by May 2023 we should combatively increase our stated NPV from 1 Billion AUD to 8 Billion AUD.

I think my numbers are conservative and I also believe Sayona's numbers will be as well, however even being conservative you are looking at an 8x increase in NPV in 6 or 7 months.





Now let me ask "the fool" are your valuation concerns that Sayona has understated itself?