Ann: Change in substantial holding, page-9

Syrah Resources says debt funding too expensive and restrictive

The covenants (conditions) a lender would place on a new mine would mean that at every step before drawdowns numerous documentation etc would restrict company's abiltiy to concentrate on the main game.
Major shareholders , subscribing throughout ,would be well briefed on potential future gains and are obviously comfortable with that.
In briefing to Benchmark Minerals mention was made that

First mover advantage in USA cannot be overstated. California is moving towards EV future and effect of trade sanctions is difficult to forecast.However, if SYR is producing the goods in USA they have a hedge currency wise and also a ready market in that country.
With an expected pick up in EV vehicles world wide the BAM project is starting off slowly and not galloping full steam ahead and will be ramped up as demand increases.

Vanadium is the sleeper as well, and Balama contains a significant vanadium Resource according to company.
The beauty of Vanadium it is a by-product which is liberated during the graphite production process.
So far as the Balama operation this slide from presentation higher recovery improved by plant stability putting negative comments I read recently to bed

Company keeps market fully informed as it should and the shorters are controlling the price.
So be it future looks pretty good to me and I am subscribing to new issue
Other graphite miners going for debt funding may run into conflict with lenders when unforeseen problems arise as we know they do.