Sayona Quebec : chemical plant must be JOInTLy agreed upon, page-126

Hopefully when you sit down with a coffee and read those the posts (that follow the money) you'll have a better understanding of what the value of the OTA is.

But be aware and LOOK CLOSELY at the BLACK BOX of EBITDA and what do you see as the estimates?
PLL = US$463.3M
SYA = US$0 (in case it was not obvious)
SYQ = US$264.35M

The red box EBITDA is when SYQ pays out all EBITDA which just wont happen and I don't think it ought to be valued that way but many others elsewhere do.

SYA gets "EBITDA" (and PLL gets more EBITDA) only when the SYQ JV decides to pay a distribution to its partners. Now I don't think (meaning I don't know) that's going to happen in 2024 simply because the vision is to build a (new, using a modern ESG design) Hydroxide plant and not invest $Ms into a decade old carbonate plant. And that requires ~US$600M or so from what I've last seen.

The US$463.3M that flows to PLL though is immediately available for Capex spend (I believe).

And as always, I may be wrong, I may be crazy but I may be right.