I can think of at least $1.5 million reasons and another 1,500...

I can think of at least $1.5 million reasons and another 1,500 metres worth of reasons that they ( SYA ) originally entered this arrangement. And notwithstanding , not having NAL yet and / or the money or time to explore these tenements at the time of proposing this JV were one of them.

All we really had at that initial conception of this JV was Authier which was not going anywhere and an idea of an acquisition play for the assets of North American Lithium.

• Morella was required to spend $1.5 million on exploration within three years to earn a 51% stake in the lithium interest of the Pilbara project tenements;

• Should it wish to withdraw, Morella must spend at least $500,000 on exploration expenditure, including at least 1,500 metres of drilling on the Mallina project; and

• Sayona to retain a 49% stake, subject to possible future potential dilution in line with any increased spending by Morella, should Sayona not wish to participate. Sayona retains 100% of the gold and the non-lithium rights within the tenement portfolio.

So I guess Morella does NOT intend to withdraw from the JV as on 10th May they and AFTER they had announced that all conditions were met for completion of the JV including the $1.5 million they had spent to achieve completion.

So then on 10th May they announced a follow up drill program comprised of 3,000 metres which clearly exceeded the 1,500 metre requirement for withdrawal stated in the terms of the JV.

So in theory now that they have satisfied this 1,500 metre requirement and no doubt the additional $500,000 exploration spend on this Mallina tenement they could withdraw from this project at any point.

However , I would suggest that this is NOT likely now that they have subsequently announced a further RC drilling program comprised of 66 holes for 3,800 metres.

And while I'm not entirely impressed with their Tabba Tabba soil results today , I am still bullish on several of their nearology projects including Tabba Tabba , Mallina , and Mt Edon where they have also registered some work programs.

So I think they are getting serious about this JV and of course are expecting Mallina drill result assays to be landing virtually anytime from now given the program was to have been completed 4 weeks from 12th September and results stated as becoming available in the 4th quarter 2023.