VOTE NO REMUNERATION REPORT

As an investor, this is what I like to see-

Additionally, at a corporate level, the Company isextremely conscious of the need to protect and preserve shareholder capital ina volatile and challenging market for small cap companies. The Board has nowidentified various cost efficiencies which have been implemented to reduceoperating expenditure by 60% per month. The measures implemented included reductionin executive remuneration, headcount reduction, and lower operating andcapital costs.

Wouldn’t this be a move in the right direction for Sayona.

This is of course not announced by our BOD, but an extract from an annual report of another critical mineral stock I own.

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The board have taken responsibility and robust measures to preserve cash and ensure the viability of the company, including a REDUCTION IN EXECUTIVE REMUNERATION, while critical mineral prices suffer under the stranglehold of China.

This of course relates to the Remuneration Report, resolution 1 of our AGM.

But instead, what do we see.

Our CEO Lucas Dow has had over $100,000payrise to $700,00 in salary, over James Brown’s salary of $600,000…AND THIS ISJUST THE TIP OF ICEBERG.

it doesn’t end there…

Dougal Elder has had a payrise

Paul Crawford has had a payrise and significant bonus payment.

Sylvain Collard has had a payrise, although he has had quite a jump in responsibility and title to president and COO Canada.

There are also short term incentives, long term incentives and committee fees..

But before we move on, I would like to highlight the obscene remuneration, possible by Lucas Dow, Sylvain Collard and Dougal Elder for FY25.

Lucas Dow- maximum$2,236,000 target $1,605,000

Sylvain Collard- maximum $1,873,000 target $1,396,000

Dougal Elder- maximum$1,260,000 target $936,000

Are they kidding?

Is this a joke?

Just those 3 salaries havethe potential to draw $5,369,000 in FY25

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We are CURRENTLY a loss-making enterprise.

We lose on every tonne SOLD.

We need to preserve capital to ensure survival.

Yet it appears the snoots are buried in the trough WAY DEEPER than ever before….

I actually cannot believe what I am reading…..

On top of the salaries, short term incentives and long term incentives, there are committee fees.

If you remember back to the AGM 2023, we exposed a raft of compliance issues which ASX quickly acted on.

As a result, the company established committees to satisfy their obligations of compliance.

Remember, the committees should have been thereall along after entering the ASX300 and 200, and now that we haveestablished them, they too draw a fee.
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This is on top of salaries, super, LTI’s and STI’s

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The committees are a necessity and required under law. And I am all for their existence and staying compliant and welcome their introduction.

But is this not part of your directorship?

They are already pulling in big salaries, do they really need to also get a committee fee, for a job they should have been doing all along?

Could you not defer these fees until we were actually making a profit?

I raised my concerns with the INCREASES in remuneration last AGM.

It was denied by JB, but was plainly stated in the 2023 Annual Report.

This issue has been previously raised…..

The BOD themselves are aware and admit to this.

The explanatory notes for the the remuneration report state-

Following engagement with and considering the feedbackreceived from both shareholders and proxy advisors during FY2023 and FY2024,the Board has taken action to address the key issues raised. The Nomination andRemuneration Committee undertook a comprehensive review and evaluation of theCompany’s remuneration practices, resulting in a new remuneration frameworkwhich the Board believes is better aligned with the expectations ofshareholders

The feedback given at the AGM, as well as an overwhelming majority of the shareholders voting down the 2023 remuneration report, was that in this environment, payrises were not wise, not in tune with the shareholders or the market, and should not be pursued.

The BOD have admitted that in the above statement, they have considered our feedback, yet what have we seen?

The possibility of massive salary packages for FY25.

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Hidden by minimising the figures in the visible salaries, but as a package, quite extraordinary…

Extraordinary for a company ranked 510 on the ASX, and still to turn a profit…

And extraordinary, given the feedback, failure and voting down of last years remuneration report.

As a shareholders, I do not have much power, or the ability to impact the decisions of the board.

But as a collective we can have our say and vote down the remuneration report ….again….to yet again send a clear message to the board that this is simply not acceptable.

And I for one, will not be supporting this money grab…