I see our JV partner has released a most peculiar presentation titled
"Investor Presentation - North American Operations"
which is really "Quebec Operations"
and out of a slide deck of 50 slides, 7 slides are directed towards Moblan (the supposed Greenbushes of the North), 39 slides are NAL and 4 slides are Title, Contents, Disclaimer and End Slide.
78% of the presentation slides are NAL
But I couldn't see not even 1 slide that addressed NAL financial metrics (let alone Sayona Mining metrics ... and their net cash position).
Lots, and I mean lots, of pictures on the asset.
Lots of operating metrics
Lots about the pit, MRE and geological model.
Looks like a presentation that gets followed up with another presentation after a strategic asset sell down. Makes one wonder. Doesn't have the look through of a CR for SYA. Looks more like SYA sells say 2/3 of its 75% interest in SYQ (so 50% of SYA) to new "strategic partner" and collects an amount of cash for SYA. Still business as usual for SYQ and still dependent on the equity owners to stump up more cash each quarter (maybe) ... but at least for SYA that is now reduced to a 25% interest (same as PLL).
Who knows what their (SYA) next move is. And who knows how "value" is prescribed to a (presently) loss making venture, and its hard to get financials on SYQ ... but this comes from PLL's AR and the data comes from SYA.
So the Treasurers equation is Equity = Total Assets - Total Liabilities
meaning the value of Equity in SYQ = (116,466 + 261,662) - (38,581 + 53,576) = $285,971
Rounding say 100% of SYQ is presently worth $286M going off the balance sheet (so Book Value)
PLL Net Value $71.5M
SYA Net Value $214.5M
and if they sold 50% of SYQ (so 2/3 of their 3/4 ownership) they collect $143M ... again Book Value
And we know we had to tip in another ~$20M for the 1st 6 months of CY'24 to cover the losses of SYQ. Would you pay book value, above book value or below book value?
I think we all might be surprised by the sale value if SYA decides to sell down its 75% ownership in SYQ.
(20min delay)