Ann: Balama Production Improvements, page-22

Interesting questions, Essa, but they prompt me to ask:  Where is the "obvious short term risk"?  Where is the "punt"?

Syrah have just reaffirmed their Balama production targets for 2018, with high grade, increasing yield, and a volume in excess of 100K tonnes.  Admittedly, there has been a hiccup in the ramp-up, with fire damage to one unit affecting production in September and October.  But even in start-up mode, with a part-year's production, Balama is going to finish 2018 with production substantially greater than any other graphite mine in the world, and on-track to more than double that volume in 2019.  It looks very probable that Syrah will be cash-flow positive in the next quarter.

Of course, it all depends on an individual's view of what constitutes a return horizon, but wouldn't it be fair to say that most analysts would rate the current position as close to "de-risked"?

Cheers