Ann: Balama Incident and Rectification Update, page-54

Syrah broke the 2$ support level today as I predicted would happen but not for the same reasons (the incident was an act of god surprise happening at a worst possible moment for syrah when they were fully ramping up production), it seems the market is getting impatient and not taking well the incident news. Tough days ahead until they restart production. Good luck to all !

My previous post has been reported and then deleted by a moderator stating : "Unsubstantiated Information with the CommentPlease ensure that you are phrasing your posts clearly as opinion unless you have links to support your factual statements." So to clarify when I said syrah was going bankrupt i should have added "IMO" and rephrased it this way : "IMO Syrah was indeed going bankrupt IF NOT FOR THE CAP RAISES". Now what evidence do I have ? I thought it was obvious so i didnt mention it, but now that the post got moderated, please see latest figures given for Syrah cash : 100M$ remaining including the second cap raise. They simply burned through the first cap raise cash. If they havent done the first cap raise + the second cap raise, they would have by now no working capital cash. Hope its clearer now.

Finally, regarding the difference between an "off-take", a "binding off-take" and a "take or pay off-take" : an off-take is the generic term, unfortunately many graphite juniors use it "loosely", when their "off-take" means nothing more than a "memorandum of understanding" or a "non binding conditional promise to buy in the future". A binding off-take contains legal terms precising what happens (in terms of penalties) in case one of the parties dosent respect the off-take contract. Finally a "take or pay off-take" is the strongest "binding off-take" type possible : the buyer has no choice but to pay for the product even if he doesent want it derisking the production operations of the seller. An example would be the batteries that panasonic sells to Tesla or basically most off-takes signed by mining companies. To the best of my knowledge and please correct me if I am wrong, Syah didnt sign a "take or pay off-take" for ots graphite. Hope that helped.