THE TRUE VALUE OF SAYONA, page-250

The true value of SYA is in its current cashflow and near-term cash producing assets. Moblan is the only near-term cash producing asset. The WA assets are nothing more than just tenements at this stage.

Because Moblan drill campaign is still ongoing, and given the market sentiment is still quite bearish in the lithium sector, an MRE will be needed for the market to fully start recognising Moblan.

For now, I believe the fair value is as per the previous quarterly report.. To test this, you could benchmark SYA's valuation against a company in a different sector with a similar cashflow. WAF is a good example. Our cashflow is slightly less than WAF's but the market has factored in a speculative valuation for Moblan.

The next catalyst will be in my opinion;
- Moblan MRE
- Offtake @ NAL
- New CEO
- LCE Plant decision
- NAL drilling expansion