If you go off purely what was written. As I stated previously,...

If you go off purely what was written. As I stated previously, it looks as though as long as they have progressed towards either Carb or Hydro output ie via studies on economics or similar, one can argue they are making "progress" towards downstream processing.

"In addition,
subject to certain conditions, NAL has undertaken to convert its spodumene production into lithium
hydroxide or lithium carbonate within Québec from the sixth anniversary until the 10th anniversary of
the closure."

I guess it comes back to what you define as undertaken to convert. A study could be argued as a step towards downstream processing as such unless there is a more detailed contract id consider the current studies as already evidence of steps toward downstream processing or a step to undertake to convert. But again it comes down to what the more detailed contract outlines. It also specifies "subject to certain conditions".

Now if our current BoD want to maintain the status quo it could be something as simple as showing that NAL "is still being evaluated/studied

Logically, from my pleb perspective as a minor holder. Nothing else makes sense long term except downstream carb. I mean the NPV supported it so the economics are there, we have the SYAQ team that is ramping up Quebec well ie Guy and Sylvian doing wonders. An we have after all that half build carb plant that simply needs a refurbishment and some test sample runs. There is no other logical long term plan for anything else at NAL at present.

So logically the steps from here are:

• Replacement of BoD (fingers crossed) - this will remove any arm length relationship that may or may not exist with current BoD and PLL. The bit that niggled me a little was in the "strategic review" a statement made by JB:

"Sayona’s Interim CEO, James Brown, said: “With the ramping up of spodumene production at NAL, and
extensive opportunities to explore and develop premium hard rock assets at Moblan and elsewhere in
Québec, Sayona is ideally positioned to benefit from the transition to a low-carbon electrified world by
supplying battery and electric vehicle manufacturers in North America.
“We remain committed to collaborating with our joint venture partners and the Québec government to
develop a lithium carbonate facility at NAL. We are also focused on exploring additional strategic
partnerships that enable Sayona to lock-in demand, integrate downstream into lithium hydroxide
production, de-risk downstream funding exposure by partnering with well credentialled chemical converters
and secure access to the rapidly growing electric vehicle market in North America.
“We are confident that this strategy will generate significant, long-term value for Sayona’s shareholders,
employees, joint venture partners and community stakeholders.”

I know its a minor thing and they are JV partners. But they are already a shareholder and we do not need to try and generate significant long term value for JV partners.....

• After replacement of BoD, its establishing a pool fund of remuneration to recruit someone with the experience, knowledge and no how on carb plant construction through and through. Including if necessary adjustments and refurbishment of obsolete plants. Obviously some independent directors for god sake.... So we can have someone at arms length assessing risk and remuneration along with KPIs with regards to options issued to future BoD on actually achieving outcomes.
• Assessing a way forward with regards to funding the capex required to get the plant up and running. With the now downgraded guidance and with hopefully as little chaos as possible pending a BoD spill it will require again patience from current holders to get the ship back in the rightt direction. Funding should be tight around opex of NAL and IMO drilling/exploration scaled back at other locations to help start the savings to get NAL carb up and operating.
• Once NAL carb is up and running and pending no ramp up issues and a safety net incase we have any major issues with it, its time to spend money on Moblan advancements and exploration drilling elsewhere.

All IMO anyway.