General Discussion Topics, page-860

O.K ...so what I have first up for you all has been prepared as a result of a number of outright dismissals coming at our known BID competitor in the SRG / Sprott , and perhaps SAMA consortium.

And as I said , I reckon it's best to get it all out there so we can evaluate the ' probabilities ' that the deal itself may take on a variety of different ' Hybrid ' style approaches by the Quebec Government. And this might not in the end be all that Bad for Sayona. So best to at least flesh it out.

So as we know from last night's session on the TSE , SRG mining up another 7 cents or 8.24% to 92 cents with its largest shareholder SAMA Resources Inc up another 8.33%. So they are pretty much tracking each other's movements exactly now for 2 straight days.

But I guess this run up for them was expected to a certain degree. Especially when you consider they ( SRG ) had already indicated that 72.0 cents would be their targeted raising price. So if you gauge it against say 92.0 cents , that would be a 20% discount built in for both its subscribing shareholders as well as IQ.

So SRG has approximately 78 million shares on issue and SAMA has 247 million. Assuming they each expanded their SOI on a 1 for 1 basis ( which is NOT likely ) , they could in theory raise close to C$100 million

On top of this we have 2 Board Members of SRG Mining Inc that have strong connections to the Quebec Mining Industry. Not only are they obviously French Canadian , but they are BOTH connected in their previous working history to BOTH Investment Quebec and the former Nemaska Lithium.

And of course if I was aware of this over 2 weeks ago when I first looking into SRG, - So you can better believe that the Market would be well aware of the connections to SOQUEM who just so happens to be a subsidiary of Resources Québec, and which inturn is itself a subsidiary of Investissement Québec.

The markets would also be aware of SOQUEM's involvement with Canadian Lithium as far back as the earliest Lithium Discoveries associated with BOTH NAL's LaCorne mine as well as Authier and most of the surrounding Lithium potential in the Val d'Or region.

They ( SRG ) also have TWO other BOD members who are also on the Board of SAMA Resources Inc by way of their Investment / shareholding in SRG.

Benoit La Salle, FCPA, FCA, MBA – Director and Executive Chairman of the Board

AND ,

Marc-Antoine Audet, BSc, MSc and Ph.D (Geology), P.Geo – Founder, Director, and Lead Geologist

So I would reckon there would appear to be a 50 / 50 likelihood that there will be some sort of ' Hybrid ' Joint JV project . Namely because when you consider ALL the features required in making it ( NAL ) as successful operation , it would have to include all the listed attributes below.

Depth of Mining and Skill set

Depth of Connections to IQ , Resources Quebec / SOQUEM

Depth of Finances ie contributing equity from more than one company

Depth of recognizable prominent Canadian mining stewardship and involvement - ie Sprott

Depth of apportionment of current and future risks

Depth of ' Home Grown ' talent across the operations

Depth of access to future capital - ie via 3 Market Exchanges - Nasdaq , TSE , ASX

Depth of additional Quebec Lithium Resources - ie Authier , Tansim , Joudan , and others.

So irrespective of SYA winning the BID or just participating in the BID , if it means that Authier gets approved as well as obtaining some further development funds from IQ , it should still be worth what it currently is and then some. But that's just my opinion, and remembering that a HUGE part of investing is assessing all your potential risks to the downside......because if you don't do this , you are massively exposed and will no doubt be left disappointed when you build in too much price expectations to your investment.

P.S this is NOT my thesis . This is just OTHER information and research which is separate to my main research piece.