MEETING WITH BRETT, CEO MD SAYONA MINING, page-131

Patently ridiculous.

"PLL has fantastic cashflow from offtakes"? No. Just no. They have to buy the spod from us at $800ish/t then turn around and sell it at market. We, on the other hand, sell our 50% at full market price.

You do realize we have 75% stake in NAL?

And that their stake is void once we go downstream?

Please tell me what ACTUAL assets PLL have and own outright? (Minority stakes do NOT count). Ghana is a pipe dream, Gaston County isn't happening, and the lithium refinery is a steep hill to climb.

I have nothing against PLL (except for the way KP has historically portrayed SYA, i.e., as "OUR [!] Quebec Assets") but their growth strategy just isn't fundamentally sound.