Ann: Binding Sales Agreement with Qingdao Langruite Graphite, page-7

Hi CB.  The announcement did use the words "binding sales agreement", which is not common phrasing in SYR announcements.  There are usually let-out clauses of some kind in any such contract, but it does sound reasonably solid to me.

On the sale of an additional 12K tonnes "at Syrah's option", I had assumed that Syrah is trying to ensure that some supply is available for as many customers as possible.  Could be a price issue, as you suggest, but I suspect it is more likely to be an effort to build up the total market, at a time when production is still ramping up.  There is a big gap between this year's 100K-110K tonnes, and planned full annual production of 360K tonnes!

Cheers,