PLL 10K Filed (Annual Report) with SEC

Recommend a full read.
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001728205/000172820523000030/pll-20221231.htm

Just some excerpts - only on Quebec ... that will do nothing to settle the anxieties ... I've found however, over time, that the PLL disclosures are easier to read and less ambiguous than SYA. Any bolding is mine. All italics are from the 10K

Developing an Integrated Lithium Production Business—Key Projects

Quebec

Piedmont Lithium owns an equity interest of 25% in Sayona Quebec Inc. (“Sayona Quebec”), which owns full interests in North American Lithium (“NAL”), the Authier Lithium Project, and the Tansim Lithium Project. These projects are located in the Abitibi region of Quebec, Canada. Additionally, we own an equity interest of approximately 14% in Sayona Mining Limited (“Sayona Mining”), which in turn owns 75% of Sayona Quebec. We also hold an offtake agreement with Sayona Quebec for the greater of 113,000 metric tons per year or 50% of spodumene concentrate production at market prices, subject to a price floor of $500 per metric ton and a price ceiling of $900 per metric ton, on a life-of-mine basis.

The restart of NAL is proceeding as the necessary permits have been transferred or acquired, all operational leadership has been hired, a four-year mining contract has been awarded for the operation of NAL’s open pit mine, and initial commissioning activities have commenced. While potential delays in restart activities could defer the start date of production, we expect NAL to begin spodumene concentrate production in the first half of 2023.

Depending upon the successful commencement of production and ability to produce nominal 6% spodumene concentrate, shipments of spodumene concentrate from NAL could commence in 2023.We have entered into offtake agreements with two customers to provide them with spodumene concentrate from NAL. Both of these offtake agreements contain market-based pricing mechanisms.

In addition to spodumene mining and concentrate production, NAL’s complex also includes a partially completed lithium carbonate facility, which was developed by a prior operator of NAL. In the event Piedmont Lithium and Sayona Mining decide to jointly construct and operate a lithium conversion plant through their jointly-owned entity, Sayona Quebec, then spodumene concentrate produced from NAL would be preferentially delivered to that conversion plant upon commencement of conversion operations. Any remaining spodumene concentrate not delivered to a jointly-owned conversion plant would first be delivered to Piedmont Lithium up to our offtake right and then to third parties.

Sayona Quebec previously announced the commencement of a prefeasibility study for the completion NAL’s lithium carbonate facility. Study results are expected in the first half of 2023. Further evaluation of the production of lithium carbonate or lithium hydroxide in Quebec may follow completion of the prefeasibility study. For Sayona Quebec to proceed with the construction and operation of a lithium carbonate conversion plant or lithium hydroxide conversion plant, approvals are required from both Piedmont Lithium and Sayona Mining.

In these 5 paragraphs are summarised

1) What PLL owns (so project ownership (i.e. in SYQ), equity in parent compant (i.e. SYA) and further project rights (i.e. OTA with SYQ)

2) What PLL expects of the mine/concentrator part of the NAL project (i.e. when production commences)

3) What PLL expect wrt to our (i.e. PLL's rights to) NAL output (i.e. tonnage and quality).

4) What PLL expects to change in the event of downstream refining OPTIONS

5) What PLL expects to happen next in the downstream determination project
a) Present PFS ... just appears to be a "what it takes for THIS partially completed carbonate plant to be completed throught to production
b) FURTHER EVALUATION MAY FOLLOW ... this appears to be a given listening to SYA presentations (now in the spirit of sledging this looks like the major partner bullying the minor partner ... quid pro quo to the "other side" ... reality is both partners present their company's view to their shareholders. What is presented and discussed by the JV (SYQ) under the terms of the JV operating agreement (JVOA) - we wont know.
c) Approval required for SYQ to proceed ... and as far as I'm concerned that is dictated by the JVOA and not by SYA or PLL. Just remember though the partners agreed on an OTA for LoM at certain minimum annual tonnage at floor and ceiling price that present shareholders of one partner like and the others dislike (and those that hold both love).


There is lots more to digest than Quebec though.