SYA shareholders are so quick to point the blame at PLL. SYA...

SYA shareholders are so quick to point the blame at PLL.

SYA would not have acquired a 75% ownership in NAL without PLL, and in return PLL secured a very favourable offtake. Given the pricing environment (particularly the pricing environment of 12-18 months ago), SYA should have re-negotiated the Life-of-Mine offtake by offering an additional 25% equity in NAL to cease that offtake. With SYA and PLL both being 50% owners, all economic interests are aligned to truly optimise NAL as an asset.

There'd be no mis-alignment of interests relative to the current state, where PLL are heavily incentivised to not go downstream yet.