The way it’s written the quality true up is excluded from the calculations of floor and ceiling and hence imo occurs after. Essentially the corollary of what’s being suggested is that Sayona could lower the sc grade to the lowest possible to minimise gains to Piedmont e.g. sc 4.0, not sure whether it goes lower. We know that the JV chose a grade to maximise profits to the JV.
I have spent roughly equal amounts on SYA and PLL, so think I’m relatively unbiased.
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