Ann: Balama Update, page-35

Hi Tony, you may not have noticed, but, unlike a certain graphite wannabee with no money, but with a Tanzanian prospect ( in which I gather you have an interest), Balama is up and running, and likely to be cash-flow positive during the third quarter of this year. Syrah have plenty of money in the bank, and are (according to Michael Slifirski, of CS), well-placed to fund the Louisiana BAM plant, without even going back to shareholders. And the positive attitude of the government in Mozambique contrasts sharply with that in Tanzania.

That US$270m of capex , plus a further three years to startup, is a big ask. It might just mean that the can being kicked down the road is in Tanzania, not Louisiana.

Cheers