Ann: Change in substantial holding, page-11

Syrah was always such a big whale that it was going to globally hammer the natural graphite price from undersupply to oversupply. In the long term that is to our benefit because it will suppress investment and force unprofitable mines closed. This means when the battery production goes exponential in the next 2-3 years there will be a systematic shortage for at least 5-10 years before new supply can react. Meanwhile the low price means SYR will need to adopt a cost conscious structure.