syaob, page-52

You can obviously see or read a lot into figures folk's - but I think we need to always come back to direct like for like ' apples to apples ' comparisons ....where it is at all possible.

So lets stay on the theme of SYA vs Frontier Lithium. Now whilst we have to go back a ways to obtain direct SP price forecast or projections for SYA - we don't have to do the same for some of our peers. In the case of Frontier there was some recent coverage with specific SP price targets in a report by Stormcrow Capital on April 17 2018 in summary had the following details and recommendations :-

Recommendation:- ( Positive ) Target C$0.95
Recent Px: Shares
O/S: C$0.51 150.9M Shares
O/S FD 154.8M
Market Cap C$77M
Net Cash ~C$600k

So lets look into this valuation a little further and compare to our much loved SYA. Now I know I have already said before that SYA deserves its rightful place in the current Lithium Industry, so before we breakdown Frontier's figures , lets look at a brief history of SYA's Authier's project :-


Glen Eagle was the last Company before SYA to have drilled the Authier Tenements which was between 2010 and 2012 . After the collapse of the Li industry back in 2013 and as at May 18th 2016 Glen Eagle Resources Glen Eagle still held the Authier lithium project in Quebec and at that time Authier had measured and indicated resources of 7.7 million tonnes grading 0.96 percent Li2) at a 0.5 percent cutoff.

We all know from there that Sayona Mining acquired 100% of the Authier project in July 2016 for CAD$4 million - or for ' a song ' IMO. It wasn't long after that the following efforts and work started to translate as follows :-

• Maiden Ore Reserve – JORC Ore Reserves totalling 10.2Mt @ 1.02% Li20 based on a JORC Mineral Resource of 13.75Mt @ 1.07% Li20 at 0.5% Li20 cut-off grade

• JORC Resource expanded – In May 2017, based on 4,100 metres of new drilling, the JORC Mineral Resource was expanded to 17.4Mt @ 1.02% Li20.

• JORC Resource expanded – In Nov 2017, the JORC Mineral Resource was expanded to 18.35 Mt @ 1.02% Li20.

• JORC Resource expanded – Again in 2018, the JORC Mineral Resource was expanded to 20.46 Mt @ 1.02% Li20.

If we break this resource down into it relevant components it will look like this :-

Measured :- 6.09 Mt of ore @ 1.01% for contained 61,509 Li20

Indicated :- 11.55 Mt of ore @ 1.04% for contained 120,120 Li20

Inferred :- 2.82Mt of ore @ 0.98% for contained 27,636 Li20

Total :- 20.46 Mt of ore @ 1.02% for contained 209,265 Li20


So here we are now with a very handy Li resource nearing actual production. So how does this compare to say Frontier's current status:-

Measured :- Bulk Pegmatite 1,245,050 Mt @ 2.30 % Li20 for contained 28,678 Mt Li20

Indicated :- Bulk Pegmatite 7,254,000 Mt @ 1.69 % Li20 for contained 122,465 Mt Li20

Inferred :- Bulk Pegmatite 1,917,000 Mt @ 2.01% Li20 for contained 38,439 Mt Li20

Total :- Bulk Pegmatite 10,416,050 Mt @1.82 % Li20 for contained 189,582 Mt Li20


O.K....so on the surface one would think at the minimum that SYA's MC should reflect 10% more than Frontier's which is currently 63.68 Million ....and then adding on the 10 odd million difference in cash that we have and they don't. That would put us pretty much bank on fair value at 4.6 - 4.7 cents ....or 79 - 80 Million. Of course this analysis does not take into account at all the fact we are ahead on the expected time to production , the preparation of a DFS , securing a tentative off take agreement with a fortune 500 company not to mention our Measured and Indicated ( of contained Li20 ) are presently standing at a respective 2.14 times and pretty much level for Indicated compared to Frontier's.

Most important point I am focusing on is where is our current price target putting us back over 100 million MC ..... - GLTAH's