J,At the risk of inviting some expected unkind responses...

J,

At the risk of inviting some expected unkind responses (becauses the answer I'll give doesn't suit many here), the JV really isn't that complicated. And the short answer to your question is yes (and I'll add IMO).

Here's an explanation

The JV has EQUITY partners (SYA at 75% EQUITY and PLL at 25% EQUITY). JV Equity partners share the JV profits 75/25 (so revenue less costs) and Capex. So when SYQ says it had to spend $80M on Capex it means SYA contributes $60M and PLL contributes $20M. When the JV sells a tonne of SC for $4,500 and all the costs added up to $500 then the JV made a profit of $4,000. REMEMBER THE JV IS SYQ. That profit is "retained earnings" to SYQ (to be used maybe for future Capex). The JV may decide that profit is "surplus" to their needs and so choose to make a "distribution" to the Equity Partners ... so SYA would get $3,000 (75% of $4,000) and PLL gets $1,000.

The JV has customers who buy SC. PLL in addition to being a partner is also the largest customer of the JV. It has committed to buying 50% of the JV production (lets ignore the 113Kt ... just for easy math) and at a maximum price of $900/t. That $900 is revenue for the JV (per above)

So just on that simple basis, say the JV produced 2 tonnes. It sold 1t to PLL at $900 and 1t on the spot market for $4,500.
It has revenue of $5,400. Costs would be $1,000 (2 x $500/t).
The JV has made a profit of $4,400 and that profit belongs to the EQUITY partners ($3,000 to SYA and $1,100 to PLL)

What I think you need to come to grips with, is what PLL does with the SC it is obligated to purchase and SYA is obligated to supply (I've chosen my words carefully there as it is possible (I think unlikely) that SC spot could price below $500 (and was below that not all that long ago)), should not be the concern of a SYA shareholder. Clearly getting an OTA for 50% of the SC production on NAL was important to getting the purchase done and PLL stepped up and made the commitment on a LoM basis.

That's my view.