Ann: Balama Update, page-65

I agree that spherical graphite will be soon in short supply (EV revolution). However it remains to be seen if the short supply will be due to lack of feedstock run of mine material or processing capacity of graphite (purification, micronization to 10, 15, 20 microns, spheronization and carbon coating), or both (we dont know how much small flakes graphite the chinese could still mine out of the ground, its an opaque market).

If Syrah is able to build a shperical graphite plant soon enough (2019 ?), that would be a game changer for the valuation of the company (and sure I would be changing my expectations/valuation), however if it is still a "small flakes graphite run of mine play" by 2019-2020, I highly doubt the stock price will get much upside potnetial from current levels (1.2 billion$ market cap).

Again, a rising tide lifs all boats, we need success of new junior graphite companies entering the market such as Syrah, if we want investors to take the sector very seriously and "smart money" flowing into the sector (look at the lithium junior boom). I wish the company success in executing its ambitiou (too ambitious ?) plans, and I sincerely hope I am wrong and that they can pull it off. Good luck to all !