Piedmont - Ewoyaa Strategic Plan and Funding, page-2

Well that certainly is a train of thought that would be considered.

1. Are you thinking that PLL would hold onto NAL but sell off Ewoyaa? The advantage that Ewoyaa has is, its AISC is well below that of NAL ... why keep NAL then?

2. Before anyone says "IRA-compliant" ... the lithium is in the refining ... so LiOH refined at NC for example would be IRA compliant and its the 45X tax advantage that makes it all worthwhile.

3. By "pocket" $86M - $113M ... I'm assuming this is the net ... PLL have already invested about ~US$36M in Ewoyaa for their 22.5% ... I guess on a "look through" basis one could argue that values the project at US$160M for 100% presently ... they then spend another $110M to end up at 40.5% ... leading to a valuation at 100% of ~$360M

4. So it (FID) will always comeback to commodity price ... and quoting KP from Q2'24 earnings call "with spodumene sub-$1,000, the returns aren’t sufficient for either partner to accelerate development there" ... " ... "If the markets were to roar back, it’s possible that could be in kind of FID stage as early as a year from now. I’d love for that to happen - it is a great project - we’re confident we’ll have our funding in place for it, but I think it’s likely to take more time – again, unless markets roar back." ... IMO no prepay OTA will mean no FID at this time ... no commercial loan would be offered if there is no guaranteed (by OTA take or pay) positive cash flow to cover the debt covenants .. leaves only Gov't loan (PLL might be able to get US DFC loan ... Ghana is perfect for their mandate).

Don't see PLL walking away from the $36M invested so far into Ewoyaa without turning over every stone. Atlantic won't be able to go it alone which means they need another "partner" ... I'm sure Ganfeng would love to have this project (that's said with absolute contempt).

I'm selling NAL before I'm selling Ewoyaa ... but that's me.