I’m pretty sure NAL looks as impressive as it did the last 2...

I’m pretty sure NAL looks as impressive as it did the last 2 times it failed. Sayona have made a some upgrades and tweaks here there. But a lot of the personnel are from the old days too. The point is not how “impressive” the place looks but whether they can turn a decent profit. And that is the biggest question????? Lithium prices stabilising soon, which means the high cost at NAL could be an issue going forward. Also nameplate seems some ways away as since March production start we’ve seen one shipment only and clearly not at or good figures otherwise they would have told us. Throw in the next 2 shipments to PLL which are now inevitably at a loss, the cash burn is high leading up to Xmas raise and more dilution.
Maybe do a Google search on how impressive and vast scale the last two companies to go bankrupt on this project were.

I think Sayona will be making money selling spod 100% but just not much more than a $1B MC at best.