Ann: December Quarterly Activities Report Presentation, page-26

To all: Making sense of the numbers. From cash flow:
Cash flow statement:

.

Net increase / (decrease) in cash and cash

equivalents for the period

 CASH START OF PERIOD 100,319 m

11   CASH END OF PERIOD DEC 31ST. 77 m

c     Cash used for Operations (production)  27M

Pr   Product produced and shipped              37,000 ton     (77m divide by 37K tons)
R    Revenue per ton                                     $729 per ton
       Cost per ton  from report                         $550
                                                                       $170 per ton
    
       Syrah projects about $450 cost per ton based on higher volume 2019 or $270 per ton net gain per ton using low estimate of :
       170,000 tons 2019 x $270  =  $45,000,000 positive cash flow. Syrah project increased revenue per ton based on more coarse Spherical, but that is not included.

If    IF we use Syrah projection of 250K tons for 2019 that would $67,000,000.
      IT would seem that Syrah is on stable ground with good cash flow projections. The drivers of this stock will
b    be the extra volume and price from battery storage and EV.